Obinna Chima
The Manufacturing Purchasing Managers’
Index (PM) stood at 58.5 index points in January. This indicated an
expansion in the manufacturing sector for the 22nd consecutive month.
According to the PMI report for January
released Thursday, the index grew at a slower rate when compared to the
index in the previous month.
In all, 14 sub-sectors surveyed reported
growth in the review month in the following order: petroleum & coal
products; chemical & pharmaceutical products; primary metal; paper
products; cement; furniture & related products; printing &
related support activities; fabricated metal products; electrical
equipment; food, beverage & tobacco products; nonmetallic mineral
products; textile, apparel, leather & footwear; plastics &
rubber products; and transportation equipment.
On the other hand, at 59.3 points, the
production level index for the manufacturing sector grew for the 23rd
consecutive month in January 2019. The index indicated a slower growth
in the current month, when compared to its level in the preceding month.
Twelve of the 14 manufacturing sub-sectors recorded increased
production level, while 2 remained unchanged.
Also, at 58.9 points, the new orders
index grew for the 22nd consecutive month, indicating increase in new
orders in January 2019. Eleven sub-sectors reported growth, two remained
unchanged, while on contracted in the review month.
“The manufacturing supplier delivery
time index stood at 58.3 points in January 2019, indicating slower
supplier delivery time. The employment level index in January 2019 stood
at 56.4 points, indicating growth in employment level for the
twenty-first consecutive month. Of the 14 subsectors, eight reported
increased employment level, 5 reported unchanged employment level while 1
reported decreased employment in the review month.
“The manufacturing sector inventories
index grew for the twenty-second consecutive month in January 2019. At
59.9 points, the index grew at a slower rate when compared to its level
in December 2018. Twelve of the
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