Why Nigeria's January manufacturing PMI fell to 48.2 - CBN

Why Nigeria's January manufacturing PMI fell to 48.2 - CBN

The Markit Canada Manufacturing Purchasing Managers' index (PMI), a measure of manufacturing business conditions, rose to a seasonally adjusted 53.5 last month from 51.8 in December, its highest level since December 2014.

Slower growth of business activity largely reflected a moderation in new order gains at the start of 2017.

China's manufacturing sector expands for the sixth month in a row, adding evidence that the world's second largest economy is stabilizing amid uncertain global outlook.

In the PMI report posted on its website, the CBN said, "A composite PMI above 50 points indicates that the manufacturing/ non-manufacturing economy is generally expanding, 50 points indicate no change and below 50 points indicate that it is generally declining". The latest increase in employment numbers was the fastest for eight months, while sub-contractor usage rose at the steepest pace since December 2015.


All three sub-sectors of housing, commercial and civil engineering saw output soften, but remain above July's lows, with housebuilding enduring its weakest expansion for five months, with its activity index sinking to 52.6 from 54.9 in December. "IHS Markit is now forecasting a solid 6.4% increase in GDP for 2017". Companies indicated that higher demand for raw materials was testing the capacity at vendors and leading to shortages of certain inputs.

The U.S. manufacturing sector began the year on a strong note with output and new order growth accelerating since the end of 2016, according to a report Wednesday. "In addition, demand for new homes likely will deteriorate this year as high inflation squeezes households' real incomes and as lenders reflect the recent pickup in funding costs in mortgage rates".

The healthy expansion came despite a record increase in input prices, as inflationary pressure continues to build following the devaluation of sterling since the vote to leave the EU.

Indonesia's manufacturing industry improved in January helped by a rebound in new work intakes but strong cost increases restricted companies' purchasing activity and led to further job shedding.

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