The Central Bank of Nigeria (CBN)’ Statistics Department in Survey Report showed Purchasing Managers’ Index (PMI) in November 2020 recording 50.2 index points for the Manufacturing PMI in the month of this month, indicating recovery from contraction in the manufacturing sector recorded since May 2020
According to the report, of the 14 subsectors surveyed, 8 subsectors reported expansion (above 50% threshold) in the review month in the following order: Transportation equipment, Nonmetallic mineral products, Furniture & related products, Cement, Textile, apparel, leather & footwear, Plastics & rubber products, Food, beverage & tobacco products and Printing & related support activities.
The report further disclosed that the remaining 6 subsectors reported contractions in the following order: Electrical equipment, Petroleum & coal products, Chemical & pharmaceutical products, Primary metal, Paper products and Fabricated metal products.
The reports excerpt from its website showed the November 2020 production level index for the manufacturing sector stood at 51.7 points, indicating recovery from the contraction recorded since May 2020.
Of the 14 subsectors surveyed, 7 subsectors recorded expanding production levels, 3 subsectors reported stationary levels of production, while 4 subsectors still recording contraction in production level
“The new orders index marginally expanded for the second time in the month of November. The index stood at 50.5 points in November 2020 with seven subsectors reporting expansion in new orders. Three subsectors remained stationary while the remaining 4 subsectors recorded contraction in the review month.
“Time The manufacturing supplier delivery time index stood at 52.2 points in November 2020, indicating a faster delivery time for the seventh month. Four of the 14 subsectors recorded improved suppliers’ delivery time, 3 subsectors remained stationary, while 7 subsectors recorded slower delivery time
“The employment level index for November 2020 stood at 47.3 points, indicating contraction in employment level for the eighth consecutive months. Of the 14 subsectors, 5 subsectors recorded growth in employment level while 9 subsectors recorded lower employment level in the review month.
The CBN report also stated that the manufacturing sector inventories index, nevertheless, contracted for the eighth time in November 2020. At 48.5 points, the index indicates a slowing contraction in raw materials inventories as some manufacturers begin to have access to raw materials. Two of the 14 subsectors recorded growth in inventories, while the remaining 12 subsectors recorded lower raw material inventories in the review month
“Non-Manufacturing PMI Report PMI for the non-manufacturing sector stood at 47.6 points in November 2020, indicating slowing contraction in non-manufacturing activities.
Of the 17 surveyed sub-sectors, 3 subsectors reported growth in the following order: Transportation & warehousing; Health care & social assistance and Agriculture.
While, thirteen subsectors reported declines in the following order: arts, entertainment & recreation; professional, scientific, & technical services; construction; repair, maintenance/washing of motor vehicles…; utilities, water supply, sewage & waste management; real estate rental & leasing; accommodation & food services; finance & insurance; information & communication; wholesale/retail trade, educational services and electricity, gas, steam & air conditioning supply. Management of company subsector reported stationary level
“At 50.5 points, the business activity index showed recovery from contraction for the first time since May 2020. But Eight out of the 17 subsectors reported expansion in business activity (above 50% threshold); 3 subsectors reported stationary level of business activities while 6 subsectors recorded contraction in business activity in the review month.
“At 46.9 points, new orders index declined for the eighth consecutive months in November 2020. Four of the 17 subsectors reported growth in new order (above 50% threshold), 1 sector reported stationary level, while the remaining 12 subsectors recorded decline in new orders in the review month.
“The employment level Index for the non-manufacturing sector in the month of November 2020 stood at 46.7 points, indicating contraction in employment level for the eighth consecutive months. Three of the 17 subsectors reported growth in employment level (above 50% threshold), 1 sector reported stationary level, while the remaining 13 subsectors recorded declines in new orders in the review month.
“At 46.1 points, non-manufacturing inventory index declined for the eighth month. Two subsectors reported growth in inventory: Arts, Entertainment & Recreation and Health care & social assistance while 3 subsectors recorded stationary level and the remaining 12 subsectors recorded declines in inventories in the review period