New Telegraph

CBN: Manufacturing PMI rises in October

Nigeria’s manufacturing Purchasing Managers’ Index (PMI) rose to 49.4 index points in October, up from 46.9 in the previous month, the Central Bank of Nigeria (CBN) has said. The apex bank, which stated this in its latest PMI survey report, posted on its website yesterday, also said that the PMI for the non-manufacturing sector eased to 46.3 points in October, up from 41.9 in September. According to the CBN, “a composite PMI above 50 points indicates that the manufacturing/non-manufacturing economy is generally expanding.

50 points indicates no change and below 50 points indicates that it is generally contracting.” The report partly reads: “The Manufacturing PMI in the month of October stood at 49.4 index points, indicating slowing contraction in the manufacturing sector compared with the last five months. Of the 14 subsectors surveyed, six 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 and Cement The remaining eight subsectors reported contractions in the following order: Primary metal, Petroleum & coal products, Paper products, Fabricated metal products, Furniture & related products, Nonmetallic mineral products, Plastics & rubber products and Food, beverage & tobacco products.”

Also, the report showed that the production level index in October 2020 stood at 50.0 points for the manufacturing sector, indicating halting in contraction which commenced since May 2020. Similarly, the new orders index expanded at 51.2 points in October from contraction in the previous month. In the same vein, the manufacturing supplier delivery time index stood at 51.8 points in October 2020, indicating that the supplier delivery time expanded for the sixth consecutive month

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