Purchasing Managers’ Index Records Further Expansion

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The Manufacturing Purchasing Managers’ Index (PMI) stood at 60.8 index points in December 2019, indicating expansion in the manufacturing sector for the 33rd consecutive month.

The Central Bank of Nigeria (CBN) disclosed this in its PMI for December released yesterday.

The index grew at a faster rate when compared to the index in November.

The report showed that all the 14 surveyed sub-sectors reported growth in the review month in the following order: petroleum and coal products; transportation equipment; plastics and rubber products; food, beverage and tobacco products; fabricated metal products; furniture and related products; primary metal; chemical and pharmaceutical products; printing and related support activities; textile, apparel, leather and footwear; cement; paper products; electrical equipment; and nonmetallic mineral products.

Furthermore, the report showed that at 61.8 points, the production level index for manufacturing sector grew for the 34th consecutive month in the month under review.

The index indicated a faster growth in the current month, when compared to its level in November 2019.

In all, 11 of the 14 manufacturing sub-sectors recorded increased production level, two remained unchanged while one recorded decline.

“At 61.5 points, the new orders index grew for the 33rd consecutive month, indicating increase in new orders in December 2019. The index grew at a faster rate, when compared to its level in November 2019.

“Twelve sub-sectors reported growth, one remained unchanged while one recorded decline in the review month. The manufacturing supplier delivery time index stood at 60.5 points in December 2019, indicating faster supplier delivery time.

“The index has recorded growth for thirty-one consecutive months. Twelve of the 14 subsectors recorded improved suppliers’ delivery time, while 2 declined in the review period.

“The employment level index for December 2019 stood at 58 points, indicating growth in employment level for the thirty-second consecutive month.

“Of the 14 sub-sectors, 10 reported increased employment level, three reported unchanged employment level while one reported decreased employment in the review month.

“The manufacturing sector inventories index grew for the thirty-third consecutive month in December 2019. At 62.4 points, the index grew at a faster rate when compared to its level in November 2019.

“Twelve of the 14 sub-sectors recorded growth, while two reported declined raw material inventories in the review month,” it explained.