CBN PMI index shows expansion in manufacturing

The Manufacturing Purchasing Managers Index (PMI) in the month of June stood at 57.4 index points, indicating expansion in the manufacturing sector for the twenty-seventh consecutive month.

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

Of the 14 sub-sectors surveyed, 12 reported growth in the review month in the following order transportation equipment, petroleum & coal products, cement, chemical & pharmaceutical products, electrical equipment, food, beverage & tobacco products, printing & related support activities among others.

At 59.3 points, the production level index for the manufacturing sector grew for the 28 consecutive month in June 2019.

The index indicated a faster growth in the current month, when compared to its level in the month of May 2019.

Twelve of the 14 manufacturing sub-sectors recorded increased production level, one remained unchanged while one recorded decline.

According to the report, at 55.9 points, the new orders index grew for the twenty-seventh consecutive month, indicating increase in new orders in June 2019.

Eight sub-sectors reported growth, one remained unchanged, while five contracted in the review month.

-The Punch