CBN’s PMI report shows decline in production
The Central Bank of Nigeria (CBN) Purchasing Managers Index (PMI) report for January shows production level index on the decline to 59.6 points as against 61.8 points in December 2019.
The latest report by CBN showed that the production level thus at 59.6 points for manufacturing sector show growth for the 35th consecutive month in January 2020.
The PMI survey by CBN stated, “the index indicated a slower growth in the current month when compared to its level in December 2019. Nine of the 14 manufacturing subsectors recorded an increased production level, three remained unchanged while two recorded decline.”
The survey, however, disclosed that the CBN’s Manufacturing PMI in the month of January stood at 59.2 index points, indicating expansion in the manufacturing sector for the 34th consecutive month.
Last year, the apex bank had reported 60.8 index points Manufacturing PMI for December 2019.
The PMI survey explained further that at 59.6 points, the production level index for the manufacturing sector show growth for the 35th consecutive month in January 2020.
“However, the index indicated a slower growth in the current month, when compared to its level in December 2019. Nine of the 14 manufacturing subsectors recorded increased production level, three remained unchanged while two recorded decline,” the survey explained.
For new orders, the survey said, “ At 59.7 points, the new orders index grew for the 34th consecutive month, indicating increases in new orders in January 2020.
“The index grew at a slower rate when compared to its level in December 2019. Ten subsectors reported growth, two remained unchanged while two recorded decline in the review month.”
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In addition, the survey on employment level for January 2020 stood at 57.3 points, indicating growth in employment level for the 33rd consecutive month.
“Of the 14 subsectors, 11 reported increased employment level, employment level for the cement subsector was unchanged, while the electrical equipment and printing & related support services recorded lower employment level in the review month,” the survey added.
