The Purchasing Managers’ Index (PMI) for the August 2017 is the survey report conducted by the Statistics Department of the Central Bank of Nigeria( CBN)during the period August 7 – 11, 2017.
According to the statement posted on CBN website disclosed that 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 subsectors reporting growth are listed in the order of highest to lowest growth, while those reporting contraction are listed in the order of the highest to the lowest contraction.
The proceeding month’s record shown the Manufacturing PMI stood at 53.6 index points which is indicating expansion in the manufacturing sector for the fifth consecutive month.The report further stated that twelve of the 16 subsectors reported growth in the review month in the following order: computer & electronic products; appliances and components; chemical & pharmaceutical products; textile, apparel, leather and footwear; electrical equipment; printing & related support activities; paper products; nonmetallic mineral products; food, beverage & tobacco products; furniture & related products; cement and plastics & rubber products. The remaining 4 subsectors contracted in the order: transportation equipment; primary metal; petroleum & coal products and fabricated metal products.
“The production level index for manufacturing sector grew for the sixth consecutive month in August 2017. At 57.4 points, the index indicated an increase in production at a slower rate, when compared to its level in the preceding month. Eleven of the 16 manufacturing subsectors recorded increase in production level, 1 remained unchanged and the other 4 declined during the review month
“Supplier Delivery Time The supplier delivery time index for the manufacturing sector, at 52.0 points in August 2017, rose for the third consecutive month. Nine subsectors recorded improved suppliers’delivery time, 2 remained unchanged while 5 subsectors recorded delayed delivery time
“New Orders 50 point Fig. 5: Trend of new orders index Supplier Delivery Time 50 point Fig. 6: Trend of supplier delivery time index 4 2.4 Employment Level The employment level index in August 2017 stood at 51.5 points, indicating growth in employment level for the fourth consecutive month. Of the 16 subsectors, 7 recorded growth, 4 remained unchanged while 5 subsectors recorded decline in employment level over the preceding month (Fig. 7 and Table 5).
“Inventories At 54.9 points, inventories index grew for the fifth consecutive month, and at a faster rate when compared to its level in July 2017. Thirteen of the 16 subsectors recorded growth, 1 remained unchanged while 2 subsectors recorded decline in inventories (Fig. 8 and Table 6)