TUE, MAY 1 2018-theG&BJournal-The Central Bank of Nigeria’s (CBN) latest Purchasing Managers’ Index (PMI) report for the month of April showed improved performance across all sectors of the economy and growing business confidence as well.
Both the headline composite manufacturing and non-manufacturing PMIs stood at 56.9 index point and 57.5 index point respectively, up from 56.7 and 57.5 respectively recorded in the previous month, reflecting the growing economic activity and business confidence.
Of the 15 subsectors surveyed, 12 reported growth in the review month lead by the Petroleum & coal products, Electrical equipment, Appliances & components, Printing & related support activities, Textile apparel leather & footwear, Fabricated metal products, Chemical & pharmaceutical products, Food, beverage & tobacco products, Paper products, Furniture & related products, Plastics& rubber products, Transportation equipment. The Cement sub-sector remained unchanged, while the Non-metallic minerals and Primary metal subsectors declined in the review month.
The production level at 58.6 index points indicates 14 straight month of growth. The index indicated a slower growth in the current month, when compared to its level in the preceding month.
Twelve(12)of the Fifteen (15) manufacturing subsectors recorded increase in production level, One (1)remained unchanged, while the remaining Two (2)recorded declines in production level during the review month.
At 55.8points, new orders index grew for the thirteenth consecutive month, indicating increase in new orders in April 2018.Seven subsectors reported growth, 4 remained unchanged while contracted in the review month.
The manufacturing supplier delivery time index stood at 57.4points in April 2018, indicating faster supplier delivery time for the eleventh consecutive month. Eleven subsectors recorded improved suppliers’ delivery time, remained unchanged while 1subsectorrecordeddelayed delivery time.
The employment level index in April 2018 stood at 55.0 points, indicating growth in employment level for the twelfth consecutive month. Of the 15 subsectors, 9 subsectors increased their employment level, 3 remained unchanged while 3reduced their employment level in the review month.
The Manufacturing sector inventories index grew for the thirteenth consecutive month in April 2018. At 59.5 points, the index grew at a faster rate when compared to its level in the previous month. Eleven of the 15subsectors recorded growth, 2remained unchanged while 2recorded decline in raw material inventories.
Business activity, new orders, employment and inventories grew at a faster rate in April2018.
The composite PMI for the non-manufacturing sector stood at57.5points in April2018, indicating expansion in the Non-manufacturing PMI for the twelfth consecutive month.
Fifteen (15) of the Eighteen (18)subsectors recorded growth in the following order: Arts, entertainment & recreation; Finance & insurance; Public administration; Utilities; Educational services; Agriculture; Health care & social assistance; Information & communication; Water supply, sewage & waste management; Repair, maintenance/washing of motor vehicles; Professional, scientific, and technical services; wholesale/retail trade; Accommodation & food services; Construction; and Real estate rental & leasing. The management of companies subsector remained unchanged, while the Transportation and warehousing; and the Electricity, gas, steam and air conditioning supply subsectors recorded contraction in the reviewed period.
At 58.8points,the business activity index grew for the thirteenth consecutive month, indicating expansion in business activity in April 2018.
The index grew at a faster rate when compared to its level in the previous month. Twelve subsectors recorded growth in business activity, 5 remained unchanged while 1 declined in the review month
At 56.4points, new orders index grew for the thirteenth consecutive month in April 2018. Of the 18subsectors, 12 reported growth, 3 remained unchanged while 3 recorded declines
The employment level Index for the non-manufacturing sector stood at 55.3 points, indicating growth in employment for the twelfth consecutive month.
Fourteen subsectors recorded growth in the review month, 2 remained unchanged while 2 recorded declines.
At 59.5 points, non-manufacturing inventory index grew for the twelfth consecutive month, indicating growth in inventories in the review period.
Sixteen subsectors recorded higher inventories, 1remained unchanged, while 1subsectors recorded lower inventory in April, 2018.
