Nigeria’s Manufacturing Purchasing Managers’ Index (PMI) expanded for the 28th consecutive months in July 2019. The PMI for July stood at 57.6 index points, according to the Central Bank of Nigeria (CBN) survey report.
The Manufacturing PMI in the month of July stood at 57.6 index points, indicating expansion in the manufacturing sector for the twenty-eighth consecutive month
The apex bank reports said that 13 out of the 14 sub sectors surveyed reported growth in the month of July. Only the textile, apparel, leather and footwear sub sector recorded decline in the review period. And that the July index grew at a faster rate when compared to the index in the previous month.
The index grew at a faster rate when compared to the index in the previous month. Of the 14 subsectors surveyed, 13 reported growth in the review month in the following order: … only the Textile, apparel, leather & footwear subsector recorded decline in the review period
The production level in the manufacturing sector currently at 58.9 points, grew for the 29th consecutive month in the month of July 2019, but at a slower rate when compared to June 2019.
New order index currently at 57.2 points, gew for the 28th consecutive month in July 2019. This indicates increase in new order for July compared to June.
Employment level index for July stood at 57.3 points grew for the 27th consecutive month. Indicating increase in employment level for July
The employment level index for July 2019 stood at 57.3 points, indicating growth in employment level for the twenty-seventh consecutive month. Of the 14 subsectors, 10 reported increased employment level, 1 reported unchanged employment level while 3 reported decreased employment in the review month
The Supply Delivery Time index and the Raw Material Inventory index stood at 57.5 and 56.2 points also grew for the 26th and 28th consecutive months respectively for July 2019 . Both Index grew at a faster rate in July when compare to June 2019.
The Non Manufacturing PMI report stood at 58.7 points in July 2019 indicates expansion for the 27th consecutive months and a faster growth compared to June 2019.
Of the 4 indices under the Non Manufacturing PMI report, New Orders and Business Activities both grew for 28th consecutive months while Inventories and Employment Level grew for the 27th consecutive month.
New orders and inventories grew at a faster rate, while business activity and employment level grew at a slower rate in July 2019
Read also: FG list Sukuk and Saving Bonds on NSE