Raw materials and inventory, which expanded by 2.5 points, led in the manufacturing Purchasing Managers Index (PMI) rise for the month of August.
The Central Bank of Nigeria (CBN) on Monday released the PMI report, which showed that the manufacturing PMI in the month of August stood at 57.9 index points, indicating expansion in the sector for the twenty-ninth consecutive month.
The index grew at a faster rate when compared to 57.5 index in July. Of the 14 subsectors surveyed, 13 reported growth in the review month.
The report indicated that supplier delivery time and raw materials inventories grew at a faster rate, while production level, new orders and employment level grew at a slower rate in August 2019.
On the non-manufacturing sector, the composite PMI stood at 58.8 points in August 2019, indicating expansion in the Non-manufacturing PMI for the twenty-eighth consecutive month. The index grew at a faster rate when compared to its level 58.7 points in July 2019.
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