The Manufacturing Purchasing Managers’ Index (PMI), for the month of October, witnessed a contraction for the sixth consecutive month, as it stood at 49.4 index points.
This was disclosed by the Central Bank of Nigeria (CBN), in its October PMI report released today.
According to the information contained in the report, the Manufacturing PMI index recorded a month-on-month increase owing to improved New orders, faster manufacturing supplier delivery time, and slight changes in production and employment levels.
With 50 per cent and above as an indicator of expansion, the report stated that, out of the 14 subsectors surveyed, 6 subsectors reported expansion (above 50% threshold) in the review month while eight subsectors recorded contraction.
Subsectors that reported expansion were electrical equipment, transportation, equipment, printing and related support activities, chemical and pharmaceutical products, textile, apparel and footwear, as well as cement.
The remaining eight subsectors reported contraction. They are primary metal, petroleum and coal product, 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 the employment level in the review month two subsectors recorded stationary level of employment while the remaining nine subsectors recorded lower employment levels.
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