PMI day for Europe, UK & United States

By Lukman Otunuga Grab your popcorn and find a cosy seat ahead of the latest Purchasing Manager Index (PMI) data from Europe, United Kingdom and the US which could spark volatility in the FX space. The PMI is a leading indicator of economic health which essentially surveys purchasing managers at businesses that make up a given sector. Digging deeper, the headline PMI is a number from 0 to 100. Anything above 50 represents an expansion when compared with the previous month while under 50 represents a contraction. It is worth…

Read more

Nigeria’s manufacturing sector on 5-month downtrend as PMI drops to 46.9%

Nigeria’s external reserves

The Manufacturing Purchasing Managers Index (PMI) in the month of September stood at 46.9 index points, indicating contraction in the manufacturing sector for the fifth time. The Statistics Department of the Central Bank of Nigeria (CBN) disclosed this in its report on PMI survey for September released yesterday. It said of the 14 subsectors surveyed, four subsectors reported expansion (above 50 per cent threshold) in the review month in the following order of electrical equipment, transportation equipment, cement and nonmetallic mineral products. The remaining subsectors reported contractions, namely petroleum and…

Read more

August’s PM Index underscores contracting economic activities

International Money Transfer Operators

For obvious reasons, the purchasing manager index (PMI) contracted further in August, expressing gloomy economic expectations of players in the manufacturing and services sectors. Latest PMI report released today the Central Bank of Nigeria has it that the manufacturing PMI in the month of August stood at 48.5 index points, indicating contraction in the manufacturing sector for the fourth consecutive months. However, of the 14 subsectors surveyed, six subsectors reported expansion at above 50 per cent threshold in the review month in the following order: nonmetallic mineral products; cement; plastics…

Read more