…At 48.7 index points, the composite Employment Level indicated contraction in July 2024 for the seventh consecutive month
…The Composite Output Index stood at 50.3 points in July 2024, indicating growth in production level for the first time after five consecutive months of contraction
FRI AUG 16 2024-theGBJournal| The Central Bank of Nigeria (CBN) reports Nigeria composite PMI at 49.7 points in July 2024, indicating contraction in economic activities for the thirteenth consecutive month.
The index however, shows improvement compared to the 48.8 points recorded in June.
Besides, output level, suppliers’ delivery time and stock of inventory expanded. New orders and employment is reported to have contracted at a slower rate compared to the levels recorded in the previous month.
The sectoral breakdown shows that the services sector recorded expansion for the second consecutive month while the industry and agricultural sectors registered slower contraction when compared to the level recorded in the previous month.
Within the Industry Sector, the Manufacturing, Construction and Mining & Quarrying; Electricity, Gas and Water Supply Subsectors all recorded contractions in the review month.
Meanwhile, the Composite Output Index stood at 50.3 points in July 2024, indicating growth in production level for the first time after five consecutive months of contraction.
Of the 36 subsectors reviewed by the CBN, 16 subsectors reported growth in production during the review month, while 17 subsectors registered a decline with Transportation Equipment reporting the highest decline. The remaining three subsectors were stationary.
Similarly, in July 2024, the composite level of New Orders index at 48.8 points, indicated contraction in the volume of new incoming businesses/orders. Of the 36 subsectors reviewed, 25 subsectors reported declines in New Orders with Chemical & Pharmaceutical Products recording the highest decline.
While 9 subsectors reported increased level of New Orders in the review month, Cement and Forestry however, were stationary.
At 48.7 index points, the composite Employment Level indicated contraction in July 2024 for the seventh consecutive month.
The index improved in July 2024 when compared to the 48.3 points recorded in the previous month.
Eighteen subsectors reported a contraction in Employment, with Printing and Related Support Activities recording the highest decline in the review month, reflecting the challenging business environment.
Primary Metal subsector remained unchanged, while the remaining 17 subsectors reported increased Employment Levels with Petroleum and Coal Products subsector having the higher Employment Level.
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