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.