BEVERLY HILLS, October 28, (THEWILL) – The Purchasing Managers’ Index (PMI) for the manufacturing sector in October stood at 49.4 index points, indicating a reversal of five consecutive months of contraction which started in May. The manufacturing PMI for the month of September was 46.9 index points.
This was made known in the PMI survey released by the Statistics Department of the Central Bank of Nigeria (CBN) on Tuesday.
The survey stated, “of the 17 sub-sectors surveyed, three sub-sectors reported growth in the following order: electricity, gas, steam and air conditioning supply, art, entertainment and recreation and Health care and social assistance.
“Eleven sub-sectors reported declines in the following order: management of companies; utilities; Information and communication; construction; professional, scientific, and technical services; repair, maintenance/washing of Motor Vehicles.’’
Other declining sub-sectors are wholesale/retail trade; educational services; transportation and warehousing; accommodation and food services and real estate rental and leasing
Six sub-sectors recorded expansion above the 50% threshold. They are electrical equipment, transportation, equipment, printing and related support activities, chemical and pharmaceutical products, textile, apparel and footwear, as well as cement.
The remaining eight sub-sectors reported contraction. They are primary metal, petroleum and coal products, paper products, fabricate metal products, furniture and related products, nonmetallic mineral products, plastic and rubber products and food, beverage and tobacco products.
The survey indicated that in employment level in the review month two sub-sectors recorded static levels of employment while the remaining nine sub-sectors recorded lower employment levels.
PMI for the non-manufacturing sector, however, stood at 46.8 points in October 2020, indicating contraction in non-manufacturing PMI for the seventh consecutive month.
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