Nigeria’s employment level declined, production expanded in July, says CBN

The Central Bank of Nigeria (CBN) says Nigeria’s employment level declined in July.

In its purchasing manager’s index (PMI) report on Wednesday, CBN said the industry sector employment level index stood at 47.0 points.

CBN said this indicates a contraction in the level of employment.

The apex bank said eight employment sub-sectors recorded contraction, while seven sub-sectors reported growth in the reviewed month.

“Eight subsectors reported a contraction in the level of employment with the Printing & Related Support Activities reporting the highest contraction,” the apex bank said.

According to CBN, primary metal and transportation equipment sub-sectors reported stationary levels in July.

PRODUCTION INDEX INCREASES FOR THE SECOND CONSECUTIVE MONTH

CBN said the industry production index recorded expansion at 50.5 points in July 2024 — indicating growth in production for the second consecutive month.

“Eight subsectors reported growth in production during the review month with Water Supply, Sewerage & Waste Management recording the highest growth, Printing & Related Support Activities Subsector was stationary, while the remaining eight subsectors registered declines in production with Transportation Equipment reporting the highest contraction,” the apex bank said.

On August 13, the CBN said it reintroduced the publication of several key economic reports.

CBN said the reports, including the PMI, business expectation survey (BES), inflation expectation report and other macroeconomic indicators, will provide stakeholders with timely and accurate insights into the country’s economic performance.

The last PMI report and business expectation survey released by CBN was on December 23, 2020.