The Central Bank of Nigeria (CBN) 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.
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The manufacturing supplier delivery time index stood at 58.7 points in June 2019, indicating faster supplier delivery time. The index has recorded growth for twenty-five consecutive months. Eleven of the 14 sub-sectors recorded improved suppliers’ delivery time, while one remained unchanged and two recorded decline in the review period.
The employment level index for June 2019 stood at 57.5 points, indicating growth in employment level for the twenty-sixth consecutive month. Of the 14 sub-sectors, 10 reported increased employment level, 2 reported unchanged employment level while two reported decreased employment in the review month.
The Manufacturing sector inventories index grew for the twenty-seventh consecutive month in June 2019. At 55.0 points, the index grew at a slower rate when compared to its level in May 2019. Ten of the 14 sub-sectors recorded growth, two remain unchanged, while two sectors reported declined raw material inventories in the review month
The composite PMI for the non- manufacturing sector stood at 58.6 points in June 2019, indicating expansion in the non-manufacturing PMI for the twenty-sixth consecutive month.
At 58.2 points, the business activity index grew for the twenty-seventh consecutive month, indicating expansion in non- manufacturing business activity in June 2019. Fourteen sub-sectors recorded growth in business activity, two remained unchanged while one recorded decline in the review month.
At 59.2 points, new orders index grew for the twenty-seventh consecutive month in June 2019. Sixteen of the 17 surveyed sub-sectors recorded growth in new orders, while one declined in the review month.
The employment level Index for the non-manufacturing sector stood at 58.3 points, indicating growth in employment for the twenty-sixth consecutive month. Sixteen sub-sectors recorded growth in employment level, while one sub-sector declined in the review period.
At 58.8 points, non-manufacturing inventory index grew for the twenty-sixth consecutive month, indicating growth in inventories in the review period. Of the seventeen surveyed sub-sectors, 16 recorded higher inventories, while one recorded declining inventories in June 2019.
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