Central Bank’s PMI Report Shows Rise in Employment

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The Central Bank of Nigeria (CBN) Purchasing Managers Index (PMI) report for July has shown that the employment level index is on the rise for the 27th consecutive month. The index stood at 57.6 points. Of the 14 sub-sectors covered, 10 reported increased employment level, one reported unchanged employment level while three reported decreased employment in the review month.

The report also indicated expansion in the manufacturing sector for the 28th consecutive month. The index grew at a faster rate when compared to the June figure. Of the 14 sub-sectors surveyed, 13 reported growth in the review month in petroleum and coal products; transportation equipment; cement; printing & related support activities; paper products; food, beverage and tobacco products; furniture and related products among others.

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 sub-sectors recorded an increased production level, while two recorded decline

At 57.2 points, the new orders index grew for the 28 consecutive months, indicating an increase in new orders in July 2019. Eleven sub-sectors 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 one remained unchanged and three recorded decline in the review period.

The July 2019 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period July 8-12, 2019. The respondents were purchasing and supply executives of manufacturing and non-manufacturing organizations in all 36 states in Nigeria and the Federal Capital Territory (FCT). The Bank made no representation regarding the individual companies, other than the information they have provided. The data contained herein further provides input for policy decisions.

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