The Manufacturing sector Purchasing Managers Index (PMI) stood at 56.5 index points in the month of May, indicating sluggish expansion in the sector for the fourteenth consecutive month.
The PMI declined by -0.4 points over the level of 56.9 index points in the month of April, the Central Bank of Nigeria (CBN) noted in the PMI released on Thursday.
The Manufacturing and Non-Manufacturing PMI Report on businesses are based on survey responses, indicating the changes in the level of business activities in the current month compared with the preceding month.
The report revealed that new orders and inventories grew at a slower rate; production level, supplier delivery time and employment level grew at a faster rate in May 2018.
The index shows that 10 out of the 14 subsectors surveyed, reported growth in the review month. These include petroleum and coal products; paper products; plastics and rubber products; electrical equipment; food, beverage and tobacco products; cement; chemical and pharmaceutical products; primary metal; printing and related support activities; and textile, apparel, leather, and footwear. The transportation equipment; fabricated metal products; non-metallic mineral products; and furniture and related products subsectors declined in the review month.
At 58.8 points, the production level index for the manufacturing sector grew for the fifteenth consecutive month in May 2018. The index indicated a faster growth in the current month when compared to its level in the preceding month.
The manufacturing supplier delivery time index stood at 57.5 points in May 2018, indicating faster supplier delivery time for the twelfth consecutive month.
The Manufacturing sector inventories index grew for the fourteenth consecutive month in May 2018. At 58.7 points, the index grew at a slower rate when compared to its level in the previous month.
In the non-manufacturing PMI report, Business activity, new orders, and inventories grew at a slower rate; while employment grew at a faster rate in May 2018.
The composite PMI for the non-manufacturing sector stood at 57.3 points in May 2018, indicating expansion in the Non-manufacturing PMI for the thirteenth consecutive month. The index grew at a slower rate when compared to that in April 2018.
At 55.9 points, new orders index grew for the fourteenth consecutive month in May 2018, the report stated.
SOURCE:BUSSINESSDAYONLINE
