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Cement Industry, Others Increase Employment Index By 1.3 Points

Following the improvement of the Purchasing Manager’s Index (PMI) for November 2020, the Central Bank of Nigeria reported that the employment index point in the country’s manufacturing sector increased by 1.3 points from the October index point although the employment level continues to suffer contractions for the eighth consecutive month in the PMI November 2020 release.

The cement subsector increased in its employment index points along with furniture, primary metal, transportation equipment and plastic and rubber products subsectors. The employment level in the manufacturing sector index for November stood at 47.3 points while that of October stood at 46.0 index points. Nine subsectors though were in decline with the paper products subsectors suffering the most loss as regards employment, declining by -25.4 index points from expansion.

Electrical equipment, fabricated metal products, food, beverage and tobacco products, non-metallic mineral products, petroleum and coal products, textile, apparel and leather subsectors also suffered a decline in employment level. The non-manufacturing sector’s employment also recorded growth but in three subsectors only which were electricity, gas and steam, health care and social assistance and transportation and warehousing subsectors.

The rest either were stationary or suffered a decline in their employment levels.

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