Manufacturing Sector Booms As PMI Hits 52.9 Points In June

Data released on Friday by the Central Bank of Nigeria (CBN) revealed that 12 of the 16 subsectors reported growth in the review month in the following order: computer & electronic products; paper products; plastics & rubber products; primary metal; transportation equipment; petroleum & coal products; appliances & components; textile, apparel, leather & footwear; furniture & related products; electrical equipment; food, beverage & tobacco products and fabricated metal products.

The remaining 4 sub-sectors declined in the order: non-metallic mineral products; cement; chemical & pharmaceutical products and printing & related support activities.

The expansion recorded in the month of June was the third consecutive.

The June 2017 PMI was conducted by the Statistics Department of the CBN during the period of June 12 – 16, 2017.

The respondents were purchasing and supply executives of manufacturing and non-manufacturing organizations in 13 locations in Nigeria (2 states in each geopolitical zone and the Federal Capital Territory).

A total of 1,796 responses were received from a sample of 1,950 respondents, representing a response rate of 92.1 percent.

In the period under review, the business activity index rose to 57.0 points in June 2017 for the third consecutive month.

The index grew at a faster rate, when compared to its level in the previous month. Thirteen sub-sectors recorded growth in the following order: utilities; finance & insurance; information & communication; repair, maintenance/washing of motor vehicles…; health care & social assistance; electricity, gas, steam & air conditioning supply; water supply, sewage & waste management; agriculture; educational services; real estate, rental & leasing; wholesale trade; accommodation & food services and transportation & warehousing.

The arts, entertainment & recreation and public administration sub-sectors remained unchanged, while the remaining 3 sub-sectors recorded growth in the order: management of companies; construction; professional, scientific, & technical services.

Also, employment level index in June 2017 stood at 51.1 points, indicating growth in employment level for the second consecutive month. Of the 16 sub-sectors, 10 recorded growth in employment in the following order: computer & electronic products; plastics & rubber products; transportation equipment; appliances & components; paper products; petroleum & coal products; primary metal; fabricated metal products; textile, apparel, leather & footwear and food, beverage & tobacco products.

The remaining 6 sub-sectors recorded contraction in employment in the following order: cement; non-metallic mineral products; electrical equipment; furniture & related products; printing & related support activities and chemical & pharmaceutical products.

Source: Business Post

Download the Report here: PMI_Report_June 2017

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