PMI: Employment, manufacturing others maintains slow growth

The CBN Purchasing Managers Index for February 2019 showed that manufacturing, new orders, employment level and inventories grew at a slower rate compared to January 2019.

The PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the periodFebruary11-15, 2019 and released yesterday by the apex bank.

The survery data showed that the manufacturing PMI in the month of February stood at 57.1 index points, indicating expansion in the manufacturing sector for the twentythird consecutive month. The index grew at a slower rate when compared to the index in the previous month the report indicated.

It said thirteen of the fourteen subsectors surveyed reported growth in the review month in the following order: petroleum & coal products; electrical equipment; transportation equipment; plastics & rubber products; food, beverage & tobacco products; textile, apparel, leather & footwear; nonmetallic mineral products; chemical& pharmaceutical products; furniture & related products; printing & related support activities; cement; fabricated metal products; and paper products. However the report said the primary metal subsector recorded decline in the review period.

On production level it said at 57.5 points, the production level index for the manufacturing sector grew for the twenty-fourth consecutive month in February2019. The index indicated a slower growth in the current month, when compared to its level in the preceding month. Nine of the fourteen manufacturing subsectors recorded increased production level, three remained unchanged while two recorded decline.

On employment level the PMI showed that the employment level index for February2019 stood at 56.3 points, indicating growth in employment level for the twenty-second consecutive month. Of the14 subsectors, eight reported increased employment level, five reported unchanged employment level while one reported decreased employment in the review month.

The composite PMI for the nonmanufacturing sector stood at5 8.4 points in February 2019,indicating expansion in the Non-manufacturing PMI for the twenty-second consecutive month. The index grew at a slower rate when compared to that in January 2019. All 17surveyed subsectors recorded growth.