CBN PMI index shows enlargement in manufacturing

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Manufacturing

Friday, June 28,2019

CBN PMI index shows enlargement in manufacturing
The Central Bank of Nigeria (CBN) Manufacturing Purchasing Managers Index (PMI) in the month of June stood at 57.4 index points, indicating enlargement in the manufacturing region for the twenty-seventh consecutive month. The index grew at a slower price when compared to the index in the preceding month.

Of the 14 sub-sectors surveyed, 12 stated increase in the evaluation month in the following order transportation equipment, petroleum & coal products, cement, chemical & pharmaceutical products, electrical equipment, food, beverage & tobacco products, printing & related aid activities amongst others.

At 59.3 points, the manufacturing degree index for the manufacturing quarter grew for the 28 consecutive month in June 2019. The index indicated a quicker increase in the current month, when compared to its stage in the month of May 2019. Twelve of the 14 manufacturing sub-sectors recorded accelerated manufacturing level, one remained unchanged whilst one recorded decline.

According to the report, at 55.9 points, the new orders index grew for the twenty-seventh consecutive month, indicating make bigger in new orders in June 2019. Eight sub-sectors stated growth, one remained unchanged, whilst 5 shrunk in the overview month.

The manufacturing provider delivery time index stood at 58.7 factors in June 2019, indicating faster dealer transport time. The index has recorded boom for twenty-five consecutive months. Eleven of the 14 sub-sectors recorded multiplied suppliers’ transport time, while one remained unchanged and two recorded decline in the review period.

The employment level index for June 2019 stood at 57.5 points, indicating increase in employment degree for the twenty-sixth consecutive month. Of the 14 sub-sectors, 10 mentioned elevated employment level, 2 mentioned unchanged employment level whilst two said lowered employment in the evaluate month.

The Manufacturing quarter inventories index grew for the twenty-seventh consecutive month in June 2019. At fifty five points, the index grew at a slower price when compared to its stage in May 2019. Ten of the 14 sub-sectors recorded growth, two remain unchanged, whilst two sectors pronounced declined uncooked material inventories in the evaluate month

The composite PMI for the non- manufacturing area stood at 58.6 factors in June 2019, indicating growth in the non-manufacturing PMI for the twenty-sixth consecutive month.

At 58.2 points, the commercial enterprise exercise index grew for the twenty-seventh consecutive month, indicating growth in non- manufacturing business pastime in June 2019. Fourteen sub-sectors recorded boom in commercial enterprise activity, two remained unchanged whilst one recorded decline in the evaluation month.

At 59.2 points, new orders index grew for the twenty-seventh consecutive month in June 2019. Sixteen of the 17 surveyed sub-sectors recorded boom in new orders, while one declined in the evaluation month.

The employment level Index for the non-manufacturing region stood at 58.3 points, indicating increase in employment for the twenty-sixth consecutive month. Sixteen sub-sectors recorded increase in employment level, while one sub-sector declined in the assessment period.

At 58.8 points, non-manufacturing inventory index grew for the twenty-sixth consecutive month, indicating growth in inventories in the evaluation period. Of the seventeen surveyed sub-sectors, 16 recorded higher inventories, while one recorded declining inventories in June 2019.

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