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By Elizabeth Adegbesan
THE nation’s manufacturing sector has recorded further decline as the sustained Central Bank of Nigeria, CBN, latest sector report shows the Manufacturing Purchasing Managers Index (PMI) for January 2021 at 44.9 index points, a 4.7 points drop from 49.6 index points recorded in December 2020.
Similarly, the non-manufacturing PMI fell by 2.4 points to 43.3 index points in January from 45.7 index points in December 2020.
A composite PMI above 50 points indicates that the manufacturing/non-manufacturing economy is generally expanding; 50 points indicate no change while a performance below 50 points indicates a contracting sector.
The apex bank’s Economic Report for January 2021, stated: “The Composite Manufacturing PMI contracted to 44.9 index points, from the 49.6 index points recorded in the preceding period. The decrease was associated with the decline in demand, rising production cost and supply chain bottlenecks experienced by firms, in the review p
Vanguard News
Manufacturing sector contracts further by 4.7 points CBN
On
By Elizabeth Adegbesan
THE nation’s manufacturing sector has recorded further decline as the sustained Central Bank of Nigeria, CBN, latest sector report shows the Manufacturing Purchasing Managers Index (PMI) for January 2021 at 44.9 index points, a 4.7 points drop from 49.6 index points recorded in December 2020.
Similarly, the non-manufacturing PMI fell by 2.4 points to 43.3 index points in January from 45.7 index points in December 2020.
A composite PMI above 50 points indicates that the manufacturing/non-manufacturing economy is generally expanding; 50 points indicate no change while a performance below 50 points indicates a contracting sector.
The apex bank’s Economic Report for January 2021, stated: “The Composite Manufacturing PMI contracted to 44.9 index points, from the 49.6 index points recorded in the preceding period. The decrease was associated with the decline in demand, rising pr
Manufacturing PMI falls to 7-month low of 55.4 in March
April 05, 2021
Local lockdowns to make April a challenging month for manufacturers, says IHS Markit
Manufacturing Purchasing Managers’ Index (PMI) for India dropped to 55.4 in March as against 57.5 in February. Though this is seven-months low and growth has lost some momentum, still latest reading was indicative of a substantial improvement in the health of the sector that outpaced the long-run series average.
Another bad news is that job creation is still in deceleration mode.
PMI data are released monthly in advance of comparable official economic data. Prepared and released by HIS Markit, it is considered as one of the key high frequency economic indicators. Manufacturing sector has a share of around 15 per cent in GDP (Gross Domestic Products). It is one of key sources of employment.