Economy, Featured
The Manufacturing Purchasing Index expands as job growth recorded in Nigeria for a 25 consecutive month in March
By Anayo Ezugwu
FOR 24th consecutive months, the manufacturing Purchasing Managers’ Index, PMI, has continued to expand. PMI in the month of March stood at 57.4 index points, indicating expansion in the manufacturing sector. The index grew at a faster rate when compared to the index in the previous month.
The PMI released by the Central Bank of Nigeria, CBN, on its website showed that eleven of the 14 subsectors surveyed reported growth in the review month in the following order: cement; food, beverage and tobacco products; fabricated metal products; furniture and related products and paper products.
Others are chemical and pharmaceutical products; plastics and rubber products; electrical equipment; printing and related support activities; transportation equipment and nonmetallic mineral products. While the textile, apparel, leather and footwear; Petroleum and coal products and primary metal subsectors recorded decline in the review period.
Likewise, at 58.3 points, the production level index for the manufacturing sector grew for the 25th consecutive month in March. The index indicated a faster growth in the current month, when compared to its level in the month of February 2019. Nine of the 14 manufacturing subsectors recorded increased production level, while five recorded decline.
Also at 56.7 points, the new orders index grew for the 24th consecutive month, indicating increase in new orders in March 2019. Eight subsectors reported growth; four remained unchanged, while two contracted in the review month.
The PMI reported showed that manufacturing supplier delivery time index stood at 58.4 points in March, indicating faster supplier delivery time. The index has recorded growth for 22nd consecutive months. Eleven of the 14 subsectors recorded improved suppliers’ delivery time, while one remained unchanged and two recorded decline in the review period.
“The employment level index for March 2019 stood at 56.9 points, indicating growth in employment level for the twenty-third consecutive month. Of the 14 subsectors, nine reported increased employment level, one reported unchanged employment level while four reported decreased employment in the review month.
“The manufacturing sector inventories index grew for the twenty-fourth consecutive month in March 2019. At 57.1 points, the index grew at a faster rate when compared to its level in February 2019. Eight of the 14 subsectors recorded growth, three recorded unchanged, while three reported declined raw material inventories in the review month,” the report stated.
Similarly, the non-manufacturing PMI grew to 58.5 percent in March from 58.4 percent in February, indicating expansion in the non-manufacturing PMI for the 23rd consecutive month. The index grew at a faster rate when compared to that in February 2019. Fourteen of the 17 surveyed subsectors recorded growth in the following order: utilities; health care and social assistance; agriculture; information and communication; real estate, rental and leasing; repair, maintenance/washing of motor vehicles, and construction.
Others are educational services; wholesale trade; finance and insurance; electricity, gas, steam and air conditioning supply; professional, scientific, and technical services; accommodation and food services and water supply, sewage and waste management. While the transportation and warehousing remained unchanged with management of companies and arts, entertainment and recreation declining.
“At 57.8 points, the business activity index grew for the twenty-fourth consecutive month at a slower rate, indicating contraction in nonmanufacturing business activity in March 2019. Thirteen subsectors recorded growth in business activity, 1 remained unchanged while 3 recorded decline in the review month. At 58.9 points, new orders index grew for the twenty-fourth consecutive month in March 2019. Of the 17 subsectors, 13 recorded growth in new orders, while 1 remained unchanged and 3 recorded decline in the review month.
“The employment level Index for the non-manufacturing sector stood at 59.5 points, indicating growth in employment for the twenty-third consecutive month. Fourteen subsectors recorded growth in employment level while 3 declined in the review period. At 59.5 points, non-manufacturing inventory index grew for the twenty third consecutive month, indicating growth in inventories in the review period. Of the seventeen surveyed subsectors, 15 recorded higher inventories, while 1 remained unchanged and 1 recorded declined inventories in March 2019.”
– Mar. 29, 2019 @ 13:15 GMT |
Tags: Nigeria experiences Growth Manufacturing Sector in March
