Manufacturing PMI in the month of July stood at 57.6 index points

The Manufacturing PMI in the month of July stood at 57.6 index points, indicating expansion in the manufacturing sector for the twenty-eighth consecutive month.

 The July 2019 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period July 8-12, 2019 shows that New orders and raw materials grew at a faster rate, while production level, supplier delivery time and employment level grew at a slower rate in July 2019.

A breakdown of the report shows that the index grew at a faster rate when compared to the index in the previous month. Of the 14 subsectors surveyed, 13 reported growth in the review month in the following order: petroleum & coal products; transportation equipment; cement; printing & related support activities; paper products; food, beverage & tobacco products; furniture & related products; fabricated metal products; nonmetallic mineral products; plastics & rubber products; primary metal; chemical & pharmaceutical products; and electrical equipment.

The Textile, apparel, leather & footwear subsector recorded decline in the review period .

At 58.9 points, the production level index for the manufacturing sector grew for the twenty-ninth consecutive month in July 2019. The index indicated a slower growth in the current month, when compared to its level in the month of June 2019. Twelve of the 14 manufacturing subsectors recorded increased production level, while 2 recorded decline.

At 57.2 points, the new orders index grew for the twenty-eighth consecutive month, indicating increase in new orders in July 2019. Eleven subsectors reported growth, 1 remained unchanged, while 2 contracted in the review month.

The manufacturing supplier delivery time index stood at 57.5 points in July 2019, indicating faster supplier delivery time. The index has recorded growth for twenty-six consecutive months. Ten of the 14 subsectors recorded improved suppliers’ delivery time, while 1 remained unchanged and 3 recorded decline in the review period.

The employment level index for July 2019 stood at 57.3 points, indicating growth in employment level for the twenty-seventh consecutive month. Of the 14 subsectors, 10 reported increased employment level, 1 reported unchanged employment level while 3 reported decreased employment in the review month.

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