Manufacturing sector records four-month contraction –CBN

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The manufacturing Purchasers Managers Index in the month of August stood at 48.5 index points, indicating contraction in the manufacturing sector for the fourth consecutive months.

This was contained in the August 2020 PMI survey report by the statistics department of the CBN.

It however, added that of the 14 subsectors surveyed, six subsectors reported expansion (above 50 per cent threshold) in the review month.

The subsectors are nonmetallic mineral products; cement; plastics and rubber products; transportation equipment; chemical and pharmaceutical products; and textile, apparel, leather and footwear, according to the report.

The subsectors that contracted were printing and related support activities; electrical equipment; petroleum and coal products; primary metal; furniture and related products; paper products; food, beverage and tobacco products; and fabricated metal products.

Source: PUNCH.

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