Home Business Manufacturing Sector Contracts for 6th Consecutive Month- CBN

Manufacturing Sector Contracts for 6th Consecutive Month- CBN

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The Manufacturing Purchasing Managers’ Index (PMI), for the month of October, witnessed a contraction for the 6th consecutive month, as it stood at 49.4 index points.

This was disclosed by the Central Bank of Nigeria (CBN), in its October PMI report released Tuesday.

According to the information contained in the report, despite the fact that the Manufacturing Purchasing Managers’ Index (PMI) for the month of October contracted, the Manufacturing PMI index recorded a month-on-month increase owing to improved New orders, faster manufacturing supplier delivery time, and slight changes in production and employment levels.

The report stated that, out of the 14 subsectors surveyed, 6 subsectors reported expansion (above 50per cent threshold) in the review month

 

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