Business

Manufacturing sector contracts for 5th consecutive month –CBN

The Manufacturing Purchasing Managers’ Index (PMI) in September stood at 46.9 index points, indicating a contraction in the Nation’s manufacturing sector for the fifth month.

 

This was disclosed by the Central Bank of Nigeria (CBN) in its September PMI report released this week.

 

According to the report, four out of the 14 sub-sectors surveyed reported expansion (above the 50 per cent threshold) in September. It listed the expansion order as electrical equipment; transportation equipment; cement and nonmetallic mineral products.

 

It said the remaining sub-sectors reported contractions in the following order: petroleum & coal products; primary metal; furniture & related products; printing & related support activities; food, beverage & tobacco products; textile, apparel, leather & footwear; chemical & pharmaceutical products; fabricated metal products and plastics & rubber products; while the paper product sub-sector was stable.

 

Production

 

At 47.3 points, the production level index for the manufacturing sector indicated contraction in September for the fifth consecutive month.

 

Of the 14 sub-sectors surveyed, five recorded increased production level, one reported same level of production, while eight recorded declines in production.

New Orders

 

At 46.4 points, the new orders index also contracted in September for the fifth consecutive month. Six sub-sectors reported expansion in new orders, while the remaining eight recorded contraction in the month.

 

Supplier Delivery Time

 

The manufacturing supplier delivery time index stood at 53.5 points in the month, indicating a faster supplier delivery time for the fifth time. Six of the 14 sub-sectors recorded improved suppliers’ delivery time, five reported same level, while three recorded slower delivery time

 

Employment Level

The employment level index stood at 44.1 points, indicating contraction in employment level for the sixth consecutive month.

 

Of the 14 sub-sectors, two recorded growth in employment, three recorded same level of employment, while the remaining nine recorded lower employment level in the review month.

 

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