The Manufacturing Purchasing Managers’ Index (PMI), for the month of October, witnessed a contraction for the 6th consecutive month, as it stood at 49.4 index points.
This was disclosed by the Central Bank of Nigeria (CBN), in its October PMI report released today.
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According to the information contained in the report, despite the fact that the Manufacturing Purchasing Managers’ Index (PMI) for the month of October contracted, the Manufacturing PMI index recorded a month-on-month increase owing to improved New orders, faster manufacturing supplier delivery time, and slight changes in production and employment levels.
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What you should know
The report stated that, out of the 14 subsectors surveyed, 6 subsectors reported expansion (above 50% threshold) in the review month in the following order:
- Electrical equipment
- Transportation equipment
- Printing & related support activities
- Chemical & pharmaceutical products
- Textile, apparel, leather & footwear
- Cement
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While the remaining 8 subsectors reported contraction (below 50% threshold) in the review month in the following order:
- Primary metal
- Petroleum & coal products,
- Paper products
- Fabricated metal products
- Furniture & related products
- Nonmetallic mineral products
- Plastics & rubber products
- Food, beverage & tobacco products
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PMI for the non-manufacturing sector stood at 46.8 points in October 2020, indicating contraction in Nonmanufacturing PMI for the seventh consecutive month. Of the 17 sub-sectors surveyed, 3 subsectors reported growth, while 11 subsectors declined.