The Central Bank of Nigeria (CBN) Purchasing Managers’ Index (PMI) survey for October 2020 showed a sustained decline in the manufacturing and non-manufacturing sectors of the economy.
The Manufacturing PMI in the month of October stood at 49.4 index points, indicating slowing contraction in the manufacturing sector compared with the last five months. The PMI for September was 46.9 index points.
PMI for the non-manufacturing sector stood at 46.8 points in October 2020, indicating contraction in Non-manufacturing PMI for the seventh consecutive month.
The survey data showed that of the 14 subsectors surveyed in the manufacturing sector, six sub sectors reported expansion (above 50% threshold) leading with electrical equipment, transportation equipment, and printing & related support activities.
The production level is at 50 points, the production level index in October 2020 for the manufacturing sector indicating halting in contraction which commenced in May 2020.
Of the 14 subsectors surveyed, it said 7 subsectors recorded expansion in production level, 1 subsector maintained current level, while six subsectors recorded declines in production in October 2020.
The employment level index for October 2020 stood at 46.0 points, indicating contraction in employment level for the seventh consecutive month. Of the 14 subsectors, three subsectors recorded growth in employment level in the review month; two subsectors recorded stationary level of employment, while the remaining nine subsectors recorded lower employment levels in the review month.
The PMI for the non-manufacturing sector stood at 46.8 points in October 2020, indicating contraction in Non-manufacturing PMI for the seventh consecutive month.
The employment level Index for the non-manufacturing sector stood at 44.2 points, indicating contraction in employment level in October 2020. All 17 sub sectors reported a decline in employment level (below 50% threshold) in the review month.
Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.
