PMI: Business Activities Sustains Improvement In July – CBN

The business activities within Nigeria’s manufacturing sector has sustained its positive status as the Purchasing Managers Index (PMI) for the month of July showed expansion in the economy.

Naija News learnt the Nigerian Central bank revealed the new development in a report entitled “Purchasing Managers’ Index (PMI) July 2019 Report” published on Wednesday.

The Apex bank also said the growth indicated expansion in the manufacturing sector for the “28th consecutive months at 57.2 points, ”

Naija News also understands that eleven other sub-sectors improved.

“The employment level index of Manufacturing PMI for July 2019 stood at 57.3 points, indicating growth in employment level for the 27th consecutive month. Of the 14 sub-sectors, 10 reported increased employment level, one reported unchanged employment level while three reported decreased employment in the review month.

The composite PMI for the non-manufacturing sector stood at 58.7 points in July 2019, indicating expansion in the Non-manufacturing PMI for the 27th consecutive month. The index grew at a faster rate when compared to its level in June 2019.

“All 17 surveyed subsectors recorded growth in the following order: management of companies; arts, entertainment & recreation; finance & insurance; repair, maintenance/washing of motor vehicles; construction; real estate rental & leasing; agriculture; health care & social assistance; information & communication; accommodation & food services; wholesale/retail trade; water supply, sewage & waste management; transportation & warehousing; electricity, gas, steam & air conditioning supply; professional, scientific, & technical services; educational services; and utilities.”