Purchasing Managers Index (PMI) for October 2020 released by the Central Bank of Nigeria (CBN), has indicated that the employment index point in the manufacturing sector has increased while the non-manufacturing sector records continued to decline.
The sub-sectors of the manufacturing sector examined are electrical equipment; transportation equipment; printing & related support activities; chemical & pharmaceutical products; textile, apparel, leather & footwear; primary metal, petroleum & coal products; paper products; fabricated metal products; furniture & related products; nonmetallic mineral product; plastics & rubber products; food, beverage & tobacco product and cement.
The employment index point for the manufacturing sector stood at 46.0 index points. The index level indicated a contraction in employment level for the seventh consecutive month (since April). Of the sub-sectors observed in the report, three subsectors recorded growth in employment level, another two recorded a stationary level in employment while the remaining nine sectors recorded lower employment levels in October than previously. The month of October albeit had a higher index point from that of September which had an average index point of 44.0.