Business activities in the Nigerian manufacturing and the non-manufacturing sectors continued to grow in June as Purchasing Managers Index (PMI) released by the Central Bank of Nigeria (CBN) showed that activities expanded by 57.0 and 57.5 points respectively when compared to 56.5 and 57.3 points in May.
According to the report of the 14 sub sectors surveyed in the manufacturing sector, 10 reported growth in the review month in the following order: paper products; furniture and related products; printing and related support activities; food, beverage and tobacco products; plastics and rubber products; electrical equipment; textile, apparel, leather and footwear.
Others are chemical and pharmaceutical products; petroleum and coal products and non-metallic mineral products.
It added that the transportation equipment; fabricated metal products; primary metal; and cement sub sectors declined in the review month.
The report stated that the production level index for the manufacturing sector grew for the 16th consecutive month in June 2018 to 59.2 points. The index indicated a faster growth in the current month, when compared to 58.8 points in May.
Ten of the 14 manufacturing subsectors recorded increase in production level, one remained unchanged, while the remaining three recorded declines in production level during the review month.
“The manufacturing sector inventories index grew for the fifteenth consecutive month in June 2018. At 57.7 points, the index grew at a slower rate when compared to its level in the previous month. Eleven of the 14 sub sectors recorded growth, two remained unchanged while one recorded decline in raw material inventories,” it stated.
The report also showed that the employment level index in June 2018 stood at 55.4 points, indicating growth in employment level for the fourteenth consecutive month.
Of the 14 sub sectors, seven reported increased employment level, four remained unchanged while three reported reduced employment level in the review month.
Similarly, the composite PMI for the non-manufacturing sector stood at 57.5 points in June 2018, indicating expansion in the non-manufacturing PMI for the fourteenth consecutive month. Also, the index grew at a faster rate when compared to that in May 2018.
“Fourteen of the 17 sub sectors recorded growth in the following order: repair, maintenance/ washing of motor vehicles; agriculture; information and communication; professional, scientific, and technical services; finance and insurance; utilities; water supply, sewage and waste management; health care and social assistance; real estate rental and leasing; electricity, gas, steam and air conditioning supply; wholesale/retail trade; construction; management of companies; and transportation and warehousing.
“The arts, entertainment & recreation sub-sector remained unchanged, while the accommodation & food services; and educational services sub sectors recorded contraction in the review period,” it added.
It further stated that, the business activity index under the non-manufacturing sector grew for the fifteenth consecutive month to 59.1 points indicating expansion in June 2018. The index grew at a faster rate when compared to its level in the previous month. 12 sub-sectors recorded growth in business activity, three remained unchanged while two declined in the review month.
At 56.4 points, new orders index grew for the fifteenth consecutive month in June 2018. Of the 18 sub-sectors, 12 reported growth, one remained unchanged and four recorded a decline.
The employment level Index for the non-manufacturing sector also stood at 55.9 points, indicating growth in employment for the fourteenth consecutive month. Twelve sub-sectors recorded growth, one remained unchanged while four recorded declines in the review month.
“At 58.5 points, non-manufacturing inventory index grew for the fourteenth consecutive month, indicating growth in inventories in the review period. Thirteen sub-sectors recorded higher inventories, one remained unchanged, while three sub-sectors recorded lower inventory in June 2018,” it concluded.
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