Employment, Production’s Growth Slow In January – CBN
Production level, new orders, supplier delivery time, employment level and raw materials inventories grew at a slower rate in January 2020.
The Central bank of Nigeria disclosed in its Purchasing Managers’ Index survey report for January 2020.
According to the apex bank, the manufacturing PMI in the month of January stood at 59.2 index points, indicating expansion in the manufacturing sector for the 34th consecutive month.
The index grew at a slower rate when compared to the index in December.
Of the 14 surveyed subsectors, 11 reported growth in the review month starting with petroleum & coal products; transportation equipment; paper products; furniture & related products; plastics & rubber products; primary metal; food, beverage & tobacco products.
Others were chemical & pharmaceutical products; fabricated metal products; textile, apparel, leather & footwear and cement.
It stated that the electrical equipment subsector remained unchanged while printing & related support activities and non-metallic mineral products recorded declines
At 59.6 points, the production level index for manufacturing sector showed growth for the 35th consecutive month in January 2020, the CBN report stated.
However, the index indicated a slower growth in the current month, when compared to its level in December 2019.
Nine of the 14 manufacturing subsectors recorded increased production level, three remained unchanged while two recorded decline.
At 59.7 points, the new orders index grew for the 34th consecutive month, indicating increases in new orders in January 2020.
The index grew at a slower rate, when compared to its level in December 2019.
Ten subsectors reported growth, two remained unchanged while two recorded decline in the review month.
The CBN report said the manufacturing supplier delivery time index stood at 59.1 points in January 2020, indicating slower supplier delivery time.
The index had recorded growth for 32 consecutive months.
Twelve of the 14 subsectors recorded improved suppliers’ delivery time, while two reported slower delivery time in the review period.
The employment level index for January 2020 stood at 57.3 points, indicating growth in employment level for the 33rd consecutive month.