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HomeTop NewsCBN says manufacturing PMI recovers in Nov to 50.2 points

CBN says manufacturing PMI recovers in Nov to 50.2 points

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By Samuel Bankole

The Central bank of Nigeria (CBN) said the Manufacturing PMI in the month of November stood at 50.2 index points, indicating recovery from contraction in the manufacturing sector recorded since May 2020.

In its latest Purchasing Managers’ Index (PMI) survey, the CBN said of the 14 subsectors
surveyed, 8 subsectors reported expansion (above 50 percent threshold) in the review month in the following order: Transportation equipment, Nonmetallic mineral products, Furniture & related products, Cement, Textile, apparel, leather & footwear, Plastics & rubber products, Food, beverage & tobacco products and Printing & related support activities.

“In November 2020, suppliers’ delivery time was faster, new orders and production level increased while employment level and raw materials inventories contracted,” the CBN said.

The remaining 6 subsectors reported contractions in the following order: Electrical equipment, Petroleum & coal products, Chemical & pharmaceutical products, Primary metal, Paper products and Fabricated metal products.

The regulatory bank said that the November 2020 production level index for the manufacturing sector stood at 51.7 points, indicating recovery from the contraction recorded since May 2020.

It said of the 14 subsectors surveyed, 7 subsectors recorded expanding production levels, 3 subsectors reported stationary levels of production, while 4 subsectors still recording contraction in production level.

“The manufacturing supplier delivery time index stood at 52.2 points in November 2020, indicating a faster delivery time for the seventh month. Four of the 14 subsectors recorded improved suppliers’ delivery time, 3 subsectors remained stationary, while 7 subsectors recorded slower delivery time,” the regulatory bank stated.

The CBN said the employment level index for November 2020 stood at 47.3 points, indicating contraction in employment level for the eighth consecutive months. Of the 14 subsectors, 5 subsectors recorded growth in employment level while 9 subsectors recorded lower employment level in the review month.

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