By Nse Anthony-Uko
(Sundiata Post) – The Central Bank of Nigeria (CBN) has said manufacturing index has expanded for the fifth consecutive month to 53.6 index points in August, indicating expansion in the manufacturing sector.
The Purchasing Manager Index (PMI) is an indicator of the economic health of the manufacturing sector, which is based on five major indicators — new orders, inventory levels, production, supplier deliveries and the employment environment.
According to the latest PMI survey released by the CBN on Thursday, 12 of the 16 subsectors reported growth in the review month in the following order: computer and electronic products; appliances and components; chemical and pharmaceutical products; textile, apparel, leather and footwear; electrical equipment; printing and related support activities; paper products; nonmetallic mineral products; food, beverage and tobacco products; furniture and related products; cement and plastics and rubber products.
But the remaining four subsectors contracted in the order: transportation equipment; primary metal; petroleum and coal products and fabricated metal products. In the same vein, the production level index for manufacturing sector grew for the sixth consecutive month in August 2017.
According to the CBN PMI report for August, “At 57.4 points, the index indicated an increase in production at a slower rate, when compared to its level in the preceding month. 11 of the 16 manufacturing subsectors recorded increase in production level, one remained unchanged and the other 4 declined during the review month.”
At 52.3 points, the new orders index grew for the fifth consecutive month. Six subsectors reported growth, 1 remained unchanged while nine contracted in the review month. According to the report, the supplier delivery time index for the manufacturing sector, at 52.0 points in August 2017, rose for the third consecutive month. Nine subsectors recorded improved suppliers’ delivery time, two remained unchanged while five subsectors recorded delayed delivery time.
The report explained that employment level index in August 2017 stood at 51.5 points, indicating growth in employment level for the fourth consecutive month. “Of the 16 subsectors, seven recorded growth, four remained unchanged while five subsectors recorded decline in employment level over the preceding month,” the report said.
For the inventories index, the report by CBN said, “At 54.9 points, inventories index grew for the fifth consecutive month, and at a faster rate when compared to its level in July 2017. Thirteen of the 16 subsectors recorded growth, one remained unchanged while two subsectors recorded decline in inventories.”
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