Business activities fall as PMI drops to 57.3– CBN

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The Central Bank of Nigeria on Wednesday disclosed that the Manufacturing Purchasing Managers’ Index in the month of January stood at 57.3 index points indicating expansion in the manufacturing sector for the tenth consecutive month.

The index, however, grew at a slower rate, when compared to the previous month.

The PMI had increased to 59.3 index points in December, a record high in 2017.

The apex bank had reported PMI of 55.9 index points last November, from 55 index points in October and 55.3 index points in September.

The PMI survey, an indicator of the economic health of the manufacturing sector opened last year at 48.2 Index points.

The CBN said that of the 16 subsectors, 13 reported growth in January this year.

At 59.6 points, the January 2018 production level index for the manufacturing sector grew for the eleventh consecutive month, the PMI report released by the CBN indicated.

The index showed a slower growth in the current month, when compared to its level in the preceding month.

The report read in part, “Eleven of the 16 manufacturing subsectors recorded expansion in production levels, three remained unchanged, while the remaining two recorded declines in production level during the review month.

”At 58.3 points, the January 2018 new orders index grew for the eighth consecutive month. The index indicated a slower growth in the current month, when compared to its level in December 2017. Ten subsectors reported growth,  four remained unchanged while two contracted in the review month.”

“The manufacturing supplier delivery time index stood at 56.8 points in January 2018, indicating improved supplier delivery time for the eighth consecutive month.

“Seven subsectors recorded improved suppliers’ delivery time, four remained unchanged while five subsectors recorded delayed delivery time.”

According to the report, the employment level index in January 2018 stood at 53.3 points, indicating growth in employment level for the ninth consecutive month.

Of the 16 subsectors, eight subsectors increased their employment level, four remained unchanged while four subsectors reduced their employment level in the review month.

— Punch


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