Data released by the Central Bank of Nigeria shows that the Purchasers Managers Index (PMI) for the moth of August declined across all the indices used in its computation.
The Manufacturing PMI declined to 42.1 index points in August 2016, compared to 44.1 in July, indicating that the manufacturing sector declined at a faster rate during the review period. Of the sixteen manufacturing sub-sectors taken into consideration in computing the index, fifteen recorded decline in the review month. while only the electrical equipment sub-sector remained unchanged.
At 40.5 index points, the production level index for manufacturing sector declined for the eighth consecutive month. It declined at a faster rate than that recorded in July 2016. All the sixteen manufacturing sub-sectors recorded declines in production level during the review month. Other important sub-indices also showed signs of weakness as Nigeria continues to beat a recession.
Supplier Delivery Time
At 57.4 index points, the supplier delivery time index for manufacturing sub-sectors improved at a faster rate than that in the month of July 2016. The index improved for the sixth consecutive month.
Read also:https://businessday.ng/real-sector/article/bitter-sweet-tale-of-nigerias-manufacturing-sector/
Employment Level
Employment level index in the month of August 2016 stood at 40.4 points, indicating a faster decline when compared with the level in the preceding month. The index has been declining for eighteen consecutive months. Of the sixteen sub-sectors, fifteen recorded decline.
Raw Materials Inventories
At 40.0 index points, the raw materials inventories index declined for the eighth consecutive month. The index declined at a faster rate when compared with the previous month. Of the sixteen sub-sectors, twelve recorded declines in raw materials inventories.
Business Activity
At 43.6 index points, business activity declined for the eighth consecutive month in August 2016. Fourteen of the eighteen sub-sectors recorded decline
