‘Industrial sector contracted, service industry expanded’ -- highlights of CBN’s PMI report

Aderonke OniTo enhance transparency, promote informed decision-making and support economic growth, the Central Bank of Nigeria has reintroduced the purchasing managers’ index .PMI is an indicator of the general direction of economic trends in the manufacturing and service sectors.

“Similarly, the Manufacturing; Mining, Quarrying, Electricity, Gas, and Water Supply; and Construction subsectors registered declines in July 2024,” the CBN said. “Among the 17 subsectors, seven reported declines in stock levels of which Transportation Equipment recorded the highest growth, five maintained a stationary level, and five experienced growth in their stock levels with Furniture & Related Products subsector recording the highest decline,” the PMI report reads.“At 50.8 points, the time required to deliver raw materials ordered by industrial firms in July 2024 was shorter.

According to the apex bank, the level of new orders recorded declined while the employment level remained unchanged in the review month.

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