|Period||Manufacturing PMI||Non Manufacturing PMI|
The Manufacturing PMI in the month of July stood at 44.9 index points, indicating contraction in the manufacturing sector for the third consecutive month.
The non-manufacturing sector PMI stood at 43.3 points in July 2020, indicating contraction in Non-manufacturing sector for the fourth consecutive month.
The index (Manufacturing PMI) grew slightly when compared to 41.1 recorded in June 2010. Of the 14 surveyed subsectors, transportation equipment subsector reported growth (above 50% threshold) in the review month while nonmetallic mineral products sector reported no change.
However, the remaining 12 subsectors reported contraction in the following order printing & related support activities; primary metals; fabricated metal products; paper products; food, beverage & tobacco products; chemical & pharmaceutical products; furniture & related products; electrical equipment; plastics & rubber products; petroleum & coal products; textile, apparel, leather & footwear and cement.
Meanwhile, the non-manufacturing PMI also stood below the turning point of 50 points in the month under review. Of the 17 surveyed subsectors, 2 subsectors: arts, entertainment & recreation and transportation & warehousing reported growth (above 50% threshold) in the review month.
Basically, the apex bank’s PMI report track the activities in both the manufacturing and services sector. The index tracked new orders, business activity, production levels, supply delivery time, employment and supply delivery time.
The Manufacturing and Non-Manufacturing PMI Report on businesses is based on survey responses, indicating the changes in the level of business activities in the current month compared with the preceding month.
A composite PMI above 50 points indicates that the manufacturing/non-manufacturing economy is generally expanding, 50 points indicate no change and below 50 points indicates that it is generally contracting.
The July 2020 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period July 13-17, 2020. The respondents were purchasing and supply executives of manufacturing and non-manufacturing organizations in all 36 states in Nigeria and the Federal Capital Territory (FCT).
Data source: Central Bank of Nigeria
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