Local manufacturing in Nigeria expands to 58.2% as employment dips

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The Manufacturing PMI in the month of October stood at 58.2 index points, indicating expansion in the manufacturing sector for the thirty-first consecutive month.

The index grew at a faster rate when compared to the index in September.

Thirteen of the 14 surveyed subsectors reported growth in the review month in the following order: petroleum & coal products; cement; electrical equipment; furniture & related products; fabricated metal products; printing & related support activities; textile, apparel, leather & footwear; food, beverage & tobacco products; nonmetallic mineral products; plastics & rubber products; primary metal; chemical & pharmaceutical products; and transportation equipment. The paper products subsector recorded decline in the review period

Production Level
At 59.3 points, the production level index for manufacturing sector grew for the thirty-second consecutive month in October 2019.

The index indicated a faster growth in the current month, when compared to its level in September 2019. Eleven of the 14 manufacturing subsectors recorded increased production level, while 3 recorded decline.

New Orders
At 57.9 points, the new orders index grew for the thirty-first consecutive month, indicating increase in new orders in October 2019.

The index grew at a faster rate, when compared to its level in September 2019. Nine subsectors reported growth, 2 remained unchanged, while 3 contracted in the review month.

Supplier Delivery Time
The manufacturing supplier delivery time index stood at 58.6 points in October 2019, indicating faster supplier delivery time.

The index has recorded growth for twenty-ninth consecutive months. Nine of the 14 subsectors recorded improved suppliers’ delivery time, while 5 remained unchanged in the review period

Employment Level
The employment level index for October 2019 stood at 56.8 points, indicating growth in employment level for the thirtieth consecutive month.

Of the 14 subsectors, 11 reported increased employment level, 1 reported unchanged employment level while 2 reported decreased employment in the review month.

Raw material Inventories
The Manufacturing sector inventories index grew for the thirty-first consecutive month in October 2019.

At 58.6 points, the index grew at a faster rate when compared to its level in September 2019.

Ten of the 14 subsectors recorded growth, 2 remained unchanged, while 2 reported declined raw material inventories in the review month

Non-Manufacturing PMI Report
Business activity, new orders and inventories grew at a faster rate, while employment level grew at a slower rate in October 2019

The composite PMI for the non- manufacturing sector stood at 58.2 points in October 2019, indicating expansion in the Non-manufacturing PMI for the thirtieth consecutive month.

The index grew at a faster rate when compared to its level in September 2019.

Fifteen of the 17 surveyed subsectors recorded growth in the following order: repair, maintenance/washing of motor vehicles; transportation & warehousing; real estate rental & leasing; agriculture; utilities; finance & insurance; accommodation & food services; wholesale/retail trade; educational services; construction; information & communication; professional, scientific, & technical services; water supply, sewage & waste management; health care & social assistance; and electricity, gas, steam & air conditioning supply.

The management of companies; and arts, entertainment & recreation subsectors contracted in the review period.

Business Activity
At 57.9 points, the business activity index grew for the thirty-first consecutive month, indicating expansion in non- manufacturing business activity in October 2019.

Thirteen subsectors recorded growth in business activity, 3 remained unchanged, while 1 declined in the review month

New Orders
At 58.5 points, new orders index grew for the thirty-first consecutive month in October 2019.

Thirteen of the 17 surveyed subsectors recorded growth in new orders, 1 remained unchanged, while 3 recorded decline during the review period.

Employment Level
The employment level Index for the non-manufacturing sector stood at 57.1 points, indicating growth in employment for the thirtieth
consecutive month.

Fourteen growth in remained unchanged, while 2 subsectors declined

subsectors employment
recorded level, in the review period

Non-manufacturing Inventory
At 59.2 points, non-manufacturing inventory index grew for the thirtieth consecutive month, indicating growth in inventories in the review period.

Of the 17 surveyed subsectors, 15 recorded higher inventories, 1 remained unchanged, while 1 recorded declining inventories in October 2019

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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