Manufacturing sector contracts for the sixth consecutive month

Manufacturing sector contracts for the sixth consecutive month

The Purchasing Managers Indexb(PMI) for the manufacturing sector which started contracting in May recorded another contraction in October according to the Central Bank of Nigeria. The statistics department of the CBN disclosed in its ‘Purchasing Managers’ Index survey report for October, that this contraction hit the sixth month. Part of the report read, “The manufacturing PMI in the month of October stood at 49.4 index points, indicating slowing contraction in the manufacturing sector compared with the last five months. “Of the 14 subsectors surveyed, six subsectors reported expansion (above 50…

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