Manufacturing slumps by 3.6 points

The Purchasing Managers Index (PMI) for the manufacturing industry has declined for the fourth month to close at 48.5 index points other than 44.9 index points in July.

The 3.6 points decline was announced by the Central Bank of Nigeria (CBN) PMI report on Wednesday. Based on the report, of the 14 subsectors surveyed, six subsectors reported expansion (above 50% threshold).

Also at 49.2 points, the production level index for the manufacturing sector showed contraction in August 2020 and for the fourth consecutive months.

Of the 14 subsectors surveyed, five subsectors recorded expansion in production level in August 2020.

The employment level index for August 2020 stood at 44.6 points, indicating a dip in employment level for the fifth month this year. Of the 14 subsectors, only two subsectors recorded expansion in employment level.

The PMI for the non-manufacturing sector stood at 44.7 points in August 2020, indicating contraction in non-manufacturing activities for the fifth consecutive months.

Of the 17 surveyed sub-sectors, only the utilities subsector reported same level; the others contracted.

The employment level index for the non-manufacturing sector was 44.3 points, indicating decline in employment level in August 2020.