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CBN PMI says manufacturing sector declined fast in August

The monthly Purchasing Managers’ Index (PMI) of the Central Bank of Nigeria (CBN) for the month of August released on Wednesday has shown that the Manufacturing PMI declined to 42.1 index points in August 2016, compared to 44.1 in the preceding month, implying that the manufacturing sector declined at a faster rate during the review period.

The Manufacturing and Non-manufacturing PMI Report on businesses is based on data compiled from purchasing and supply executives. Survey responses indicate either there is change or no change in the level of business activities in the current month compared with the previous month. For  each  of  the  indicators  measured, this  report  shows the  diffusion  index of  the  responses.  The diffusion  index is  computed  as the  percent  of  positive  responses  plus  one-half  of  the percent  of those reporting no  change.

“Of the sixteen manufacturing sub-sectors, fifteen recorded decline in the review month in the following order: non-metallic mineral products; transportation equipment; petroleum  &coal  products;  fabricated  metal  products;  furniture  &  related  products;  cement; appliances  &  components;  printing  &  related  support  activities;  paper  products;  computer  &  electronic products; food, beverage & tobacco products; primary metal; textile, apparel, leather & footwear;  plastics  &  rubber  products; and chemical  &  pharmaceutical  products. The electrical equipment sub-sector remained unchanged in the review period”.

“At 40.5 index points, the production level index for manufacturing sector declined for the eighth consecutive month. It declined at a faster rate than that recorded in July 2016. All the sixteen manufacturing sub-sectors recorded declines in production level during the review month in  the following order: appliances & components; plastics & rubber products; petroleum & coal products;  transportation equipment; non-metallic mineral products; computer & electronic products; primary metal; paper products; electrical equipment; cement; fabricated metal products; food, beverage & tobacco  products;  furniture  &  related  products;  printing  &  related  support  activities;  textile,  apparel, leather & footwear; and chemical & pharmaceutical products”.

The Index, among other sectors, examines what happened in the employment matter in the month in view. “Employment level index in  the  month  of August 2016 stood  at 40.4 points, indicating a faster decline  when  compared  with the level  in the  preceding  month.  The index has been declining for eighteen consecutive months.

“Of  the  sixteen sub-sectors, fifteen recorded decline in the following order: transportation   equipment;   cement;   fabricated   metal   products;   non-metallic   mineral products; furniture & related products; printing & related support activities; computer & electronic products; chemical & pharmaceutical products; petroleum & coal products; textile, apparel, leather &  footwear;  primary  metal;  food,  beverage  &  tobacco  products;  electrical  equipment;  paper products; and plastics & rubber products. Only the appliances and components sub-sector recorded growth in the review period”

 

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