Nigeria: Purchasing Managers’ Index (PMI) Survey Report - April 2018

Transcription

1. Central Bank of Nigeria Purchasing Managers ’ Index (PMI) Survey Report Statistics Department April 2018
2. PURCHASING MANAGERS ’ INDEX (PMI) APRIL 2018 REPORT 1.0 Introduction The April 2018 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period April 12 - 23, 2018. The respondents were purchasing and supply executives of manufacturing and non-manufacturing organizations in 31 locations in Nigeria (Fig. 1). The Bank makes no representation regarding the individual companies, other than the information they have provided. The data contained herein further provides input for policy decisions. Sokoto Katsina Yobe Jigawa Zamfara Borno Kano Kebbi Kaduna Bauchi Gombe Niger Adamawa FCT Kwara Nasarawa Oyo Osun Ogun Lagos Plateau Ekiti Taraba Kogi Benue Ondo Edo Delta Cross Imo Abia River Akwa Ibom Fig. 1: Map of Nigeria with showing the survey locations 1.1 Data and Method of Presentation The Manufacturing and Non-Manufacturing PMI Report on businesses is based on survey responses, indicating the changes in the level of business activities in the current month compared with the preceding month. For each of the indicators measured, this report shows the diffusion index of the responses. The diffusion index is computed as the percentage of responses with positive change plus half of the percentage of those reporting no change, except for supplier delivery time, which is computed as the percentage of responses with negative change plus half of the percentage of those reporting no change. The composite PMI for the manufacturing sector is computed as the weighted average of five diffusion indices, namely: production level, level of new orders, suppliers’ delivery time, employment level and raw materials inventory/work in progress, with assigned weights of 25%, 30%, 15%, 10% and 20%, respectively. The composite PMI for the 1
3. non-manufacturing sector is computed from four diffusion indices , namely: business activity, level of new orders, employment level and raw materials inventory, with equal weights of 25% each. A composite PMI above 50 points indicates that the manufacturing/non-manufacturing economy is generally expanding, 50 points indicates no change and below 50 points indicates that it is generally contracting. The subsectors reporting growth are listed in the order of highest to lowest growth, while those reporting contraction are listed in the order of the highest to the lowest contraction. 2.0 Manufacturing PMI Report April '18 March '18 Inventories Supplier delivery time, employment level and inventories growing at a faster rate; production level and new orders grew at a slower rate in April 2018 Employment level Supplier deliveries New orders Production level Overall Manufacturing PMI 50 52 54 56 58 60 62 Fig. 2: Manufacturing PMI at a glance 2 Apr '18 Mar '18 Jan '18 Feb '18 Dec '17 Oct '17 Nov '17 Sep '17 Aug '17 July '17 June '17 Apr '17 May '17 Mar '17 Jan '17 Feb '17 Dec '16 Index Points The Manufacturing PMI in the month of April stood at 56.9 index points, indicating expansion in the manufacturing sector for the thirteenth consecutive month. (Fig. 3 and Table 1). The index grew at a faster rate when compared to the index in the previous month. Of the 15 subsectors surveyed, 12 reported growth in the review month in the following order : Petroleum & coal products, Electrical equipment, 62.0 Overall Manufacturing PMI 50 point Appliances & components, Printing & related support activities, Textile 59.0 56.9 apparel leather & footwear, 56.0 Fabricated metal products, Chemical & pharmaceutical products, Food, 53.0 beverage & tobacco products, Paper products, Furniture & related 50.0 products, Plastics & rubber products, Transportation equipment. The 47.0 Cement sub-sector remained 44.0 unchanged, while the Non-metallic minerals and Primary metal subsectors declined in the review Fig. 3: Trend of Manufacturing PMI month.
4. 2 .1 Production Level Production Level 50 point 63.0 61.0 59.0 58.6 57.0 Index Points 55.0 53.0 51.0 49.0 47.0 45.0 Nov '16 Dec '16 Jan '17 Feb '17 Mar '17 Apr '17 May '17 June '17 July '17 Aug '17 Sep '17 Oct '17 Nov '17 Dec '17 Jan '18 Feb '18 Mar '18 Apr '18 At 58.6 points, the production level index for the manufacturing sector grew for the fourteenth consecutive month in April 2018. The index indicated a slower growth in the current month, when compared to its level in the preceding month. Twelve (12) of the Fifteen (15) manufacturing subsectors recorded increase in production level, One (1) remained unchanged, while the remaining Two (2) recorded declines in production level during the review month (Fig. 4 and Table 2). 65.0 Fig. 4: Trend of production index New Orders 61.0 50 point 55.8 53.0 49.0 45.0 Apr '18 Mar '18 Feb '18 Jan '18 Dec '17 Nov '17 Oct '17 Sep '17 Aug '17 July '17 May '17 June '17 Apr '17 41.0 Mar '17 At 55.8 points, new orders index grew for the thirteenth consecutive month, indicating increase in new orders in April 2018. Seven subsectors reported growth, 4 remained unchanged while 4 contracted in the review month (Fig. 5 and Table 3). Index Points 57.0 2.2 New Orders Fig. 5: Trend of new orders index 60.0 2.3 Supplier Delivery Time 50 point 57.4 56.0 54.0 52.0 50.0 48.0 46.0 44.0 42.0 Fig. 6: Trend of supplier delivery time index 3 Apr '18 Mar '18 Feb '18 Jan '18 Dec '17 Nov '17 Oct '17 Sep '17 Aug '17 July '17 June '17 May '17 Apr '17 40.0 Mar '17 Index Points The manufacturing supplier delivery time index stood at 57.4 points in April 2018, indicating faster supplier delivery time for the eleventh consecutive month. Eleven subsectors recorded improved suppliers’ delivery time, 3 remained unchanged while 1 subsector recorded delayed delivery time (Fig. 6 and Table 4). Supplier Delivery Time 58.0
5. 2 .4 Employment Level Employment Level 55.0 50 point 54.0 52.0 50.0 Index Points 48.0 46.0 44.0 42.0 Apr '18 Mar '18 Feb '18 Jan '18 Dec '17 Nov '17 Oct '17 Sep '17 Aug '17 July '17 June '17 Apr '17 May '17 40.0 Mar '17 The employment level index in April 2018 stood at 55.0 points, indicating growth in employment level for the twelfth consecutive month. Of the 15 subsectors, 9 subsectors increased their employment level, 3 remained unchanged while 3 reduced their employment level in the review month (Fig. 7 and Table 5). 56.0 Fig 7: Trend of manufacturing employment index 2.5 Raw material Inventories Raw Materials Inventory 62.0 59.5 59.0 56.0 Index Points 53.0 50.0 47.0 44.0 Apr '18 Mar '18 Feb '18 Jan '18 Dec '17 Nov '17 Oct '17 Sep '17 Aug '17 July '17 June '17 May '17 Apr '17 41.0 Mar '17 The Manufacturing sector inventories index grew for the thirteenth consecutive month in April 2018. At 59.5 points, the index grew at a faster rate when compared to its level in the previous month. Eleven of the 15 subsectors recorded growth, 2 remained unchanged while 2 recorded decline in raw material inventories (Fig. 8 and Table 6). 50 point Fig. 8: Trend of raw material inventory index April '18 March '18 Inventories 3.0 Non-Manufacturing PMI Report Level of employment Business activity, new orders, employment and inventories grew at a faster rate in April 2018 Level of new orders Business Activity Overall Non-manufacturing PMI 50.0 55.0 60.0 Fig. 9: Non-Manufacturing PMI at a glance 4 65.0
6. Nov '16 Dec '16 Jan '17 Feb '17 Mar '17 Apr '17 May '17 June '17 July '17 Aug '17 Sep '17 Oct '17 Nov '17 Dec '17 Jan '18 Feb '18 Mar '18 Apr '18 Index Points The composite PMI for the non-manufacturing sector stood at 57.5 points in April 2018, indicating expansion in the Non-manufacturing PMI for the twelfth consecutive month. Fifteen (15) of the Eighteen (18) subsectors recorded growth in the following order: Arts, entertainment & recreation; Finance & insurance; Public administration; Utilities; Educational services; Agriculture; Health care & social assistance; Information & communication; Water supply, sewage & waste management; Repair, maintenance/washing of 63.0 Overall Non-manufacturing PMI motor vehicles; Professional, 50 point 60.0 scientific, & technical services; 57.5 wholesale/retail trade; 57.0 Accommodation & food services; 54.0 Construction; and Real estate 51.0 rental & leasing. The management of companies subsector remained 48.0 unchanged, while the 45.0 Transportation & warehousing; and the Electricity, gas, steam & 42.0 air conditioning supply subsectors recorded contraction in the Fig. 10: Trend of Non-manufacturing PMI reviewed period (Fig. 10 and Table 7). 68.0 3.1 Business Activity Business Activity 65.0 62.0 58.8 59.0 56.0 53.0 50.0 47.0 Fig. 11: Trend of business activities index 5 Apr '18 Mar '18 Feb '18 Jan '18 Dec '17 Nov '17 Oct '17 Sep '17 Aug '17 July '17 June '17 May '17 Apr '17 Mar '17 Feb '17 44.0 Jan '17 Index Points At 58.8 points, the business activity index grew for the thirteenth consecutive month, indicating expansion in business activity in April 2018. The index grew at a faster rate when compared to its level in the previous month. Twelve subsectors recorded growth in business activity, 5 remained unchanged while 1 declined in the review month (Table 8). 50 point
7. New orders 62 .0 3.2 New Orders 59.0 At 56.4 points, new orders index grew for the thirteenth consecutive month in April 2018. Of the 18 subsectors, 12 reported growth, 3 remained unchanged while 3 recorded declines (Table 9). 56.0 50 point Index Points 56.4 53.0 50.0 47.0 Apr '18 Mar '18 Feb '18 Jan '18 Dec '17 Nov '17 Oct '17 Sep '17 July '17 Aug '17 June '17 May '17 Apr '17 Jan '17 Feb '17 Mar '17 44.0 Fig. 12: Trend of new orders index 60.0 Employment Level 58.0 50 point 55.3 56.0 3.3 Employment Level Index Points 52.0 50.0 48.0 46.0 44.0 42.0 Apr '18 Mar '18 Feb '18 Jan '18 Dec '17 Nov '17 Oct '17 Sep '17 Aug '17 July '17 June '17 May '17 Apr '17 Mar '17 Feb '17 40.0 Jan '17 The employment level Index for the nonmanufacturing sector stood at 55.3 points, indicating growth in employment for the twelfth consecutive month. Fourteen subsectors recorded growth in the review month, 2 remained unchanged while 2 recorded declines (Table 10). 54.0 Fig. 13: Trend of non-manufacturing employment index 63.0 Inventory 50 point 59.5 60.0 3.4 Non-manufacturing Inventory 54.0 51.0 48.0 45.0 Fig. 14: Trend of non-manufacturing inventory index 6 Apr '18 Mar '18 Feb '18 Jan '18 Dec '17 Nov '17 Oct '17 Sep '17 July '17 Aug '17 June '17 May '17 Apr '17 Mar '17 Feb '17 42.0 Jan '17 Index Points At 59.5 points, non-manufacturing inventory index grew for the twelfth consecutive month, indicating growth in inventories in the review period. Sixteen subsectors recorded higher inventories, 1 remained unchanged, while 1 sub sectors recorded lower inventory in April, 2018 (Table 11). 57.0
8. APPENDICES Table 1 : Manufacturing at a Glance Series Index* March Series Index* April Difference 56.7 59.1 56.1 56.6 53.3 59.4 36.4 52.1 61.1 54.1 42.1 48.7 56.9 58.6 55.8 57.4 55.0 59.5 37.6 51.3 62.4 52.9 41.4 51.1 0.2 -0.5 -0.3 0.8 1.7 0.1 1.2 -0.8 1.3 -1.2 -0.7 2.4 Appliances & components Cement Chemical & pharmaceutical products Electrical equipment Fabricated metal products Food, beverage & tobacco products Furniture & related products Nonmetallic mineral products Paper products Petroleum & coal products Plastics & rubber products Primary metal 0.0 69.4 59.8 82.5 56.1 60.3 46.7 46.7 53.8 61.0 52.3 51.3 65.0 50.0 57.4 70.0 58.6 55.7 55.0 35.0 55.4 79.0 54.8 47.0 Printing & related support activities Textile, apparel, leather & footwear Transportation equipment 47.2 51.3 53.1 64.2 60.0 52.5 Index Composite PMI \1 Production level New orders Supplier delivery time Employment level Raw materials/WIP Inventory New Export Orders Output Prices Input Prices Quantity of Purchases Outstanding Business/Backlog of Work Stock of Finished Goods Rate of Change Trend** (Months) Growing Growing Growing Growing Growing Growing Declining Growing Growing Growing Declining Growing Faster Slower Slower Faster Faster Faster Slower Slower Faster Slower Faster From Contraction 13 14 13 11 12 13 38 28 46 3 5 1 65.0 -19.4 -2.4 -12.5 2.5 -4.6 8.3 -11.7 1.6 18.0 2.5 -4.3 Growing No Change Growing Growing Growing Growing Growing Declining Growing Growing Growing Declining From Contraction From Expansion Slower Slower Faster Slower From Contraction Faster Faster Faster Faster From Expansion 1 1 3 3 2 19 1 3 12 6 9 1 17.0 8.7 -0.6 Growing Growing Growing From Contraction Faster Slower 1 14 2 Direction Manufacturing Sub-Sectors \1 The composite PMI is a weighted average of the following diffusion indices: production level, new orders, supplier deliveries, employment level and inventories. The weights assigned to these variables are 25%, 30%, 15%, 10% and 20% respectively. *The series index is a diffusion index defined as a weighted percentage of high, same and low with 1.0, 0.5 and 0.0 as weights respectively. ** Number of month moving in current direction Table 2: Production at a Glance Index PRODUCTION PMI Appliances & components Cement Chemical & pharmaceutical products Electrical equipment Fabricated metal products Food, beverage & tobacco products Furniture & related products Nonmetallic mineral products Paper products Petroleum & coal products Plastics & rubber products Primary metal Printing & related support activities Textile, apparel, leather & footwear Transportation equipment Series Index March 59.1 0.0 87.5 60.0 87.5 58.3 68.5 46.2 33.3 41.7 50.0 50.0 66.7 33.3 50.0 87.5 Series Index March 58.6 100.0 50.0 53.1 70.0 60.5 56.8 65.0 25.0 57.1 90.0 57.7 40.0 72.2 65.4 62.5 7 Difference -0.5 100.0 -37.5 -6.9 -17.5 2.2 -11.7 18.8 -8.3 15.4 40.0 7.7 -26.7 38.9 15.4 -25.0 Rate Trend of (Months) Change Growing Slower 14 Growing From Contraction 1 No Change From Expansion 1 Growing Slower 3 Growing Slower 3 Growing Faster 2 Growing Slower 19 Growing From Contraction 1 Declining Faster 2 Growing From Contraction 1 Growing From No Change 1 Growing From No Change 1 Declining From Expansion 1 Growing From Contraction 1 Growing From No Change 1 Growing Slower 2 Direction
9. Table 3 : New Orders at a Glance Index NEW ORDERS PMI Appliances & components Cement Chemical & pharmaceutical products Electrical equipment Fabricated metal products Food, beverage & tobacco products Furniture & related products Nonmetallic mineral products Paper products Petroleum & coal products Plastics & rubber products Primary metal Printing & related support activities Textile, apparel, leather & footwear Transportation equipment Series Index March 56.1 0.0 50.0 61.7 100.0 55.6 60.5 46.2 50.0 66.7 50.0 43.8 50.0 55.6 50.0 25.0 Series Index April 55.8 75.0 50.0 59.4 70.0 60.5 59.3 50.0 25.0 50.0 80.0 46.2 40.0 50.0 53.8 37.5 Difference -0.3 75.0 0.0 -2.3 -30.0 4.9 -1.2 3.8 -25.0 -16.7 30.0 2.4 -10.0 -5.6 3.8 12.5 Rate Trend of (Months) Change Growing Slower 13 Growing From Contraction 1 No Change Flat 2 Growing Slower 2 Growing Slower 3 Growing Faster 2 Growing Slower 19 No ChangeFrom Contraction 1 Declining From No Change 1 No Change From Expansion 1 Growing From No Change 1 Declining Slower 2 Declining From No Change 1 No Change From Expansion 1 Growing From No Change 1 Declining Slower 2 Direction Table 4: Supplier Delivery Time at a Glance Index SUPPLIER DELIVERY TIME PMI Appliances & components Cement Chemical & pharmaceutical products Electrical equipment Fabricated metal products Food, beverage & tobacco products Furniture & related products Nonmetallic mineral products Paper products Petroleum & coal products Plastics & rubber products Primary metal Printing & related support activities Textile, apparel, leather & footwear Transportation equipment Series Index March 56.6 0.0 50.0 51.7 37.5 58.3 54.0 42.3 66.7 66.7 90.0 65.6 41.7 66.7 60.7 75.0 Series Index April 57.4 50.0 100.0 54.7 50.0 52.8 55.1 55.0 41.7 50.0 70.0 61.5 60.0 77.8 65.4 62.5 8 Difference 0.8 50.0 50.0 3.0 12.5 -5.5 1.1 12.7 -25.0 -16.7 -20.0 -4.1 18.3 11.1 4.7 -12.5 Rate Trend of (Months) Change Growing Faster 11 No Change From Contraction 1 Growing From No Change 1 Growing Faster 5 No Change From Contraction 1 Growing Slower 2 Growing Faster 8 Growing From Contraction 1 Declining From Expansion 1 No Change From Expansion 1 Growing Slower 2 Growing Slower 2 Growing From Contraction 1 Growing Faster 3 Growing Faster 8 Growing Slower 3 Direction
10. Table 5 : Employment Level at a Glance Index EMPLOYMENT LEVEL PMI Appliances & components Cement Chemical & pharmaceutical products Electrical equipment Fabricated metal products Food, beverage & tobacco products Furniture & related products Nonmetallic mineral products Paper products Petroleum & coal products Plastics & rubber products Primary metal Printing & related support activities Textile, apparel, leather & footwear Transportation equipment Series Index March 53.3 0.0 75.0 65.0 75.0 55.6 51.6 42.3 50.0 41.7 70.0 56.3 50.0 38.9 46.4 25.0 Series Index April 55.0 25.0 25.0 59.4 80.0 57.9 46.6 50.0 50.0 64.3 70.0 57.7 60.0 66.7 61.5 50.0 Difference 1.7 25.0 -50.0 -5.6 5.0 2.3 -5.0 7.7 0.0 22.6 0.0 1.4 10.0 27.8 15.1 25.0 Rate Trend of (Months) Change Growing Faster 12 Declining Slower 1 Declining From Expansion 1 Growing Slower 3 Growing Faster 2 Growing Faster 2 Declining From Expansion 1 No Change From Contraction 1 No Change Flat 2 Growing From Contraction 1 Growing Flat 2 Growing Faster 8 Growing From No Change 1 Growing From Contraction 1 Growing From Contraction 1 No Change From Contraction 1 Direction Table 6: Raw Materials Inventory at a Glance Index RAW MATERIALS INVENTORY PMI Appliances & components Cement Chemical & pharmaceutical products Electrical equipment Fabricated metal products Food, beverage & tobacco products Furniture & related products Nonmetallic mineral products Paper products Petroleum & coal products Plastics & rubber products Primary metal Printing & related support activities Textile, apparel, leather & footwear Transportation equipment Series Index March 59.4 0.0 100.0 55.0 100.0 50.0 66.1 65.4 33.3 50.0 60.0 56.3 33.3 44.4 53.6 75.0 Series Index April 59.5 50.0 25.0 62.5 80.0 57.9 61.2 55.0 50.0 57.1 80.0 57.7 40.0 61.1 53.8 62.5 9 Difference 0.1 50.0 -75.0 7.5 -20.0 7.9 -4.9 -10.4 16.7 7.1 20.0 1.4 6.7 16.7 0.2 -12.5 Rate Trend of (Months) Change Growing Faster 13 No Change From Contraction 1 Declining From Expansion 1 Growing Faster 3 Growing Slower 5 Growing From No Change 1 Growing Slower 19 Growing Slower 2 No Change From Contraction 1 Growing From No Change 1 Growing Faster 3 Growing Faster 4 Declining Slower 2 Growing From Contraction 1 Growing Faster 7 Growing Slower 2 Direction
11. Table 7 : Non-Manufacturing at a Glance Index Composite PMI \1 Business Activity Level of new orders/customers/incoming business Level of employment Inventory Average price of Inputs (volume weighted) Level of outstanding business/ Backlog of work New Exports orders Imports Inventory (sentiments) Series Index March 57.2 58.7 55.8 55.1 59.2 50.3 42.9 39.0 38.5 44.1 Series Index April 57.5 58.8 56.4 55.3 59.5 50.3 41.5 34.2 34.9 45.0 52.7 62.2 0.0 49.7 59.5 62.1 67.0 52.9 54.2 62.5 61.9 87.5 54.2 0.0 49.0 70.3 60.4 57.3 53.8 59.8 66.3 53.5 62.3 48.4 64.8 58.8 57.8 50.0 55.9 62.5 50.7 56.3 47.0 62.5 57.8 55.7 0.3 0.1 0.6 0.2 0.3 0.0 -1.4 -4.8 -3.6 0.9 Growing Growing Growing Growing Growing Growing Declining Declining Declining Declining Rate of Change Faster Faster Faster Faster Faster Flat Faster Faster Faster Slower 1.1 -2.4 66.3 3.8 2.8 -13.7 -2.2 5.9 3.6 -12.5 -6.0 -25.0 -3.5 56.3 -2.0 -7.8 -2.6 -1.6 Growing Growing Growing Growing Growing Declining Growing Growing Growing No Change Growing Growing Growing Growing Declining Growing Growing Growing Faster Slower From Contraction From Contraction Faster From Expansion Slower Faster Faster From Expansion Slower Slower Slower From Contraction Faster Slower Slower Slower Difference Direction Trend (Months) 12 13 13 12 12 30 46 46 46 46 Non-manufacturing sub-sectors Accommodation & food services Agriculture Arts, Entertainment & Recreation Construction Educational services Electricity, gas, steam & air conditioning supply Finance & insurance Health care & social assistance Information & communication Management of companies Professional, scientific, & technical services Public administration Real estate rental & leasing Repair, Maintenance/Washing Of Motor Vehicles… Transportation & warehousing Utilities Water supply, sewage & waste management Wholesale/Retail trade 2 23 1 1 17 1 14 12 13 1 5 2 2 1 3 13 2 11 \1 The composite PMI is a simple average of the following diffusion (series) indices: business activity, new orders, employment level and inventories Table 8: Business activity at a Glance Index BUSINESS ACTIVITY PMI Accommodation & food services Agriculture Arts, Entertainment & Recreation Construction Educational services Electricity, gas, steam & air conditioning supply Finance & insurance Health care & social assistance Information & communication Management of companies Professional, scientific, & technical services Public administration Real estate rental & leasing Repair, Maintenance/Washing Of Motor Vehicles… Transportation & warehousing Utilities Water supply, sewage & waste management Wholesale/Retail trade Series Index March 58.7 52.5 60.3 0.0 47.2 60.0 58.3 71.8 48.7 56.7 83.3 57.5 100.0 58.3 0.0 62.5 75.0 66.7 67.2 Series Index April 58.8 55.4 58.9 75.0 53.1 63.6 56.3 73.0 56.8 56.3 50.0 61.8 50.0 44.1 50.0 50.0 64.3 50.0 56.3 10 Difference Direction 0.1 2.9 -1.4 75.0 5.9 3.6 -2.0 1.2 8.1 -0.4 -33.3 4.3 -50.0 -14.2 50.0 -12.5 -10.7 -16.7 -10.9 Growing Growing Growing Growing Growing Growing Growing Growing Growing Growing No Change Growing No Change Declining No Change No Change Growing No Change Growing Rate Trend of (Months) Change Faster 13 Faster 2 Slower 23 From Contraction 1 From Contraction 1 Faster 8 Slower 2 Faster 13 From Contraction 1 Slower 13 From Expansion 1 Faster 2 From Expansion 1 From Expansion 1 From Contraction 1 From Expansion 1 Slower 13 From Expansion 1 Slower 12
12. Table 9 : New Orders at a Glance Index NEW ORDERS PMI Accommodation & food services Agriculture Arts, Entertainment & Recreation Construction Educational services Electricity, gas, steam & air conditioning supply Finance & insurance Health care & social assistance Information & communication Management of companies Professional, scientific, & technical services Public administration Real estate rental & leasing Repair, Maintenance/Washing Of Motor Vehicles… Transportation & warehousing Utilities Water supply, sewage & waste management Wholesale/Retail trade Series Index March 55.8 52.5 62.5 0.0 50.0 58.0 50.0 67.3 46.2 60.0 66.7 60.0 50.0 50.0 0.0 33.3 75.0 58.3 55.2 Series Index April 56.4 52.3 50.0 65.0 54.7 67.5 43.8 68.1 59.5 57.8 50.0 55.9 75.0 41.2 50.0 38.5 57.1 56.3 56.3 Series Index March 55.1 54.1 58.6 58.6 47.2 58.0 80.0 60.0 52.6 53.4 50.0 57.5 100.0 52.8 52.8 50.0 68.8 58.3 50.0 Series Index April 55.3 55.3 60.7 55.0 53.1 56.8 37.5 55.7 55.4 53.1 50.0 47.1 50.0 58.8 60.0 53.6 64.3 62.5 54.2 Difference 0.6 -0.2 -12.5 65.0 4.7 9.5 -6.2 0.8 13.3 -2.2 -16.7 -4.1 25.0 -8.8 50.0 5.2 -17.9 -2.0 1.1 Rate Trend of (Months) Change Growing Faster 13 Growing Slower 2 No Change From Expansion 1 Growing From Contraction 1 Growing From No Change 1 Growing Faster 6 Declining From No Change 1 Growing Faster 14 Growing From Contraction 1 Growing Slower 13 No Change From Expansion 1 Growing Slower 2 Growing From No Change 1 Declining From No Change 1 No Change From Contraction 1 Declining Slower 3 Growing Slower 13 Growing Slower 2 Growing Faster 11 Direction Table 10: Employment at a Glance Index EMPLOYMENT LEVEL PMI Accommodation & food services Agriculture Arts, Entertainment & Recreation Construction Educational services Electricity, gas, steam & air conditioning supply Finance & insurance Health care & social assistance Information & communication Management of companies Professional, scientific, & technical services Public administration Real estate rental & leasing Repair, Maintenance/Washing Of Motor Vehicles… Transportation & warehousing Utilities Water supply, sewage & waste management Wholesale/Retail trade Difference 0.2 1.2 2.1 -3.6 5.9 -1.2 -42.5 -4.3 2.8 -0.3 0.0 -10.4 -50.0 6.0 7.2 3.6 -4.5 4.2 4.2 Rate Trend of (Months) Change Growing Faster 12 Growing Faster 9 Growing Faster 12 Growing Slower 13 Growing From Contraction 1 Growing Slower 16 Declining From Expansion 1 Growing Slower 11 Growing Faster 11 Growing Slower 2 No Change Flat 2 Declining From Expansion 1 No Change From Expansion 1 Growing Faster 5 Growing Faster 6 Growing From No Change 1 Growing Slower 2 Growing Faster 2 Growing From No Change 1 Direction Table 11: Inventory at a Glance Index INVENTORY PMI Accommodation & food services Agriculture Arts, Entertainment & Recreation Construction Educational services Electricity, gas, steam & air conditioning supply Finance & insurance Health care & social assistance Information & communication Management of companies Professional, scientific, & technical services Public administration Real estate rental & leasing Repair, Maintenance/Washing Of Motor Vehicles… Transportation & warehousing Utilities Water supply, sewage & waste management Wholesale/Retail trade Series Index March 59.2 51.6 67.2 67.2 54.3 62.0 60.0 68.9 64.1 46.6 50.0 72.5 100.0 55.6 55.6 50.0 62.5 58.3 56.9 Series Index April 59.5 52.3 69.6 70.0 53.1 61.4 56.3 62.3 63.5 64.1 50.0 58.8 75.0 58.8 65.0 46.2 64.3 62.5 56.3 11 Difference 0.3 0.7 2.4 2.8 -1.2 -0.6 -3.7 -6.6 -0.6 17.5 0.0 -13.7 -25.0 3.2 9.4 -3.8 1.8 4.2 -0.6 Rate Trend of (Months) Change Growing Faster 12 Growing Faster 3 Growing Faster 6 Growing Faster 7 Growing Slower 2 Growing Slower 6 Growing Slower 3 Growing Slower 3 Growing Slower 12 Growing From Contraction 1 No Change Flat 2 Growing Slower 5 Growing Slower 2 Growing Faster 2 Growing Faster 3 Declining From No Change 1 Growing Faster 2 Growing Faster 5 Growing Slower 9 Direction
13. Jul '14 Aug '14 Sep '14 Oct '14 Nov '14 Dec '14 Jan '15 Feb '15 Mar '15 Apr '15 May '15 Jun '15 Jul '15 Aug '15 Sep '15 Oct '15 Nov '15 Dec '15 Jan 16 Feb '16 Mar '16 Apr '16 May '16 Jun '16 Jul '16 Aug '16 Sep '16 Oct '16 Nov '16 Dec '16 Jan '17 Feb '17 Mar '17 Apr '17 May '17 June '17 July '17 Aug '17 Sep '17 Oct '17 Nov '17 Dec '17 Jan '18 Feb '18 Mar '18 Apr '18 51.3 49.7 54.0 51.9 52.2 49.8 50.2 53.0 48.9 52.0 49.4 49.5 47.8 48.4 50.7 49.2 51.2 51.2 47.2 45.5 45.9 43.7 45.8 41.9 44.1 42.1 42.5 44.1 46.0 52.0 48.2 44.6 47.7 51.1 52.5 52.9 54.1 53.6 55.3 55.0 55.9 59.3 57.3 56.3 56.7 56.9 55.2 49.7 57.4 55.1 55.1 51.2 50.4 57.4 52.1 56.9 53.6 51.5 49.7 51.0 54.9 52.0 55.4 55.4 49.3 45.0 46.6 42.7 47.9 40.2 43.0 40.5 40.9 42.3 46.9 57.6 51.3 45.2 50.8 58.5 58.7 58.2 59.3 57.4 58.8 58.4 59.3 63.2 59.6 57.8 59.1 58.6 53.0 51.2 57.6 55.3 56.9 51.1 49.3 54.7 48.9 54.1 49.7 50.8 46.2 50.1 52.1 49.3 52.9 52.7 46.2 43.0 43.0 41.8 42.7 37.0 42.4 37.5 38.7 40.3 45.1 51.8 47.9 44.0 45.6 50.1 50.5 51.0 52.7 52.3 53.5 52.8 54.3 60.0 58.3 55.6 56.1 55.8 46.4 49.9 46.4 46.2 45.1 49.7 51.3 43.8 47.8 42.7 44.6 42.0 43.5 43.1 46.8 42.7 47.3 45.2 48.4 52.8 50.6 52.2 50.2 55.6 51.7 57.4 55.6 57.7 53.2 47.9 48.5 48.7 51.3 47.5 49.9 50.3 51.3 52.0 55.4 55.5 56.0 57.4 56.8 57.0 56.6 57.4 46.9 45.9 49.3 46.8 47.2 46.8 51.1 50.0 46.4 48.9 48.0 48.5 48.4 44.8 47.1 48.4 45.5 47.5 46.0 45.0 45.5 42.0 45.7 42.2 43.8 40.4 41.2 42.2 40.6 48.6 45.3 41.7 43.6 46.6 50.7 51.1 51.8 51.5 52.8 53.1 53.7 53.9 53.3 53.9 53.3 55.0 52.9 52.2 55.7 52.4 51.7 48.4 49.3 56.4 47.1 53.9 48.0 53.3 52.6 52.4 49.0 53.1 52.2 52.7 45.8 44.7 47.1 43.0 43.9 39.4 41.4 40.0 40.9 42.9 46.1 51.6 46.3 44.8 49.1 50.6 50.8 52.3 53.6 54.9 56.4 56.5 57.1 61.1 57.7 58.1 59.4 59.5 12 43.6 40.8 45.4 45.9 46.0 44.6 47.7 50.1 38.1 43.0 36.9 40.0 40.1 37.6 40.3 39.8 38.7 38.0 38.3 39.2 37.8 36.3 38.7 35.3 38.5 31.2 26.3 37.3 39.6 37.2 33.1 38.4 38.5 37.7 37.6 32.6 37.5 36.7 30.4 35.5 37.6 40.2 35.1 42.0 36.4 37.6 50.6 48.6 49.3 49.7 53.3 53.6 48.7 54.0 50.1 50.2 51.6 49.2 47.9 49.0 47.5 49.1 46.2 48.6 52.6 53.0 56.4 63.9 59.6 61.4 60.8 64.1 66.5 65.2 65.7 70.4 67.9 69.9 65.0 65.1 61.3 62.7 60.4 58.8 58.2 55.4 54.0 54.3 55.0 55.9 52.1 51.3 54.2 52.7 52.9 56.7 60.9 56.3 55.6 60.9 56.4 54.4 59.0 56.7 55.0 53.1 52.8 53.8 52.8 56.5 56.7 57.0 60.9 67.8 68.4 70.0 64.2 69.8 74.0 71.8 71.2 73.2 71.4 70.9 68.3 69.2 68.4 66.6 64.1 64.9 65.7 62.7 64.3 63.4 63.3 65.4 61.1 62.4 53.3 50.8 55.1 57.1 56.0 51.4 52.5 58.0 48.7 53.0 50.5 53.0 51.7 50.2 51.0 48.3 51.0 54.5 49.9 42.8 41.6 43.6 42.7 39.0 41.6 39.9 42.8 43.5 48.1 52.7 48.4 47.7 50.1 45.1 46.1 46.2 48.0 49.0 49.4 49.6 48.1 53.6 49.1 54.3 54.1 52.9 46.4 45.4 46.9 50.5 50.0 47.5 48.8 50.7 44.5 48.3 44.9 45.3 45.2 43.7 42.5 45.6 46.0 45.1 44.2 38.5 41.2 42.6 37.0 40.2 41.9 38.3 37.1 39.2 45.2 45.3 43.6 43.2 43.6 40.0 42.3 43.9 42.1 47.9 51.9 50.8 50.0 45.7 42.9 37.6 42.1 41.4 Stock of Finished Goods Backlog of Work Quantity of Purchases Input Prices Output Prices New Export Orders Raw Materials Inventory Employment Level Supplier Delivery Time New Orders Production Level COMPOSITE PMI Month Table 12: Manufacturing PMI Data Series 47.2 48.6 49.8 51.7 47.6 51.1 45.5 53.7 46.5 48.7 45.6 49.3 45.3 46.1 43.2 46.8 46.9 46.4 46.3 44.4 43.8 41.6 40.1 36.0 39.0 38.3 42.4 39.9 42.0 48.5 46.9 43.9 45.1 46.4 51.8 49.1 48.5 51.6 50.4 50.0 48.8 47.4 45.4 53.3 48.7 51.1
14. Jul '14 Aug '14 Sep '14 Oct '14 Nov '14 Dec '14 Jan '15 Feb '15 Mar '15 Apr '15 May '15 Jun '15 Jul '15 Aug '15 Sep '15 Oct '15 Nov '15 Dec '15 Jan 16 Feb '16 Mar '16 Apr '16 May '16 Jun '16 Jul '16 Aug '16 Sep '16 Oct '16 Nov '16 Dec '16 Jan '17 Feb '17 Mar '17 Apr '17 May '17 June '17 July '17 Aug '17 Sep '17 Oct '17 Nov '17 Dec '17 Jan '18 Feb '18 Mar '18 Apr '18 55.0 58.9 54.7 57.3 59.6 53.8 50.6 54.0 48.6 53.7 51.7 50.1 50.0 50.7 50.1 51.9 49.6 53.4 46.9 44.3 45.4 44.3 44.3 42.3 43.2 43.7 41.0 43.4 42.8 47.1 49.4 44.5 47.1 49.5 52.7 54.2 54.4 54.1 54.9 55.3 57.6 62.1 58.5 56.1 57.2 57.5 58.9 60.6 57.1 59.6 62.5 56.2 48.8 54.2 49.7 58.2 52.9 51.5 50.4 52.3 52.1 54.2 52.9 55.9 46.2 43.7 46.3 44.2 44.3 40.2 42.8 43.6 39.9 43.0 43.0 48.2 50.6 45.4 49.8 53.3 56.2 57.0 56.8 56.1 56.8 57.5 59.4 67.4 61.3 55.6 58.7 58.8 55.9 59.8 57.5 59.4 63.6 56.0 50.4 54.7 51.1 56.8 53.1 50.3 51.4 52.4 52.3 54.1 51.6 56.4 46.4 42.0 44.7 42.2 41.3 39.6 42.3 42.0 40.0 42.7 42.3 46.9 49.4 44.9 46.4 50.5 53.2 54.6 55.1 53.5 55.4 55.7 58.4 62.2 58.2 53.7 55.8 56.4 50.2 58.3 49.9 53.9 57.9 51.4 51.2 52.5 45.6 49.1 49.7 46.4 48.6 48.0 47.0 49.3 45.6 50.0 47.0 44.5 43.9 43.3 44.6 42.5 41.9 41.4 40.3 41.5 40.2 43.8 45.6 42.6 44.0 45.5 50.2 53.4 54.0 54.4 54.7 54.4 54.6 55.7 55.1 55.3 55.1 55.3 55.2 57.0 54.3 56.4 54.6 51.5 51.9 54.5 48.0 50.8 51.1 52.0 49.5 50.1 49.1 50.1 48.5 51.5 47.9 47.1 46.5 47.6 46.9 47.1 45.8 47.7 43.9 46.4 45.5 49.5 52.0 44.9 48.0 48.6 51.4 51.8 51.9 52.3 52.9 53.4 58.0 62.9 59.5 59.8 59.2 59.5 13 54.0 56.1 52.8 53.3 57.3 54.5 48.8 54.1 49.8 51.5 51.3 48.5 50.3 50.7 48.7 49.9 51.8 54.7 57.3 53.6 58.5 62.2 62.9 60.7 60.4 60.8 63.1 65.3 66.8 64.0 65.6 65.4 62.1 63.1 62.7 58.6 58.1 54.5 56.9 56.4 55.7 56.1 56.9 52.8 50.3 50.3 46.2 47.0 46.2 46.4 49.6 45.6 43.2 46.0 46.5 46.6 44.1 44.4 43.8 43.0 44.5 43.9 42.8 47.0 44.3 39.6 43.8 43.1 38.1 39.6 38.6 39.4 39.6 40.9 42.4 41.5 43.6 42.9 42.7 41.6 45.3 40.5 42.9 42.8 42.2 41.4 43.6 44.6 41.3 41.2 42.9 41.5 44.0 46.1 40.7 40.8 45.2 43.6 41.1 43.0 39.9 41.1 37.2 36.9 39.1 39.8 42.9 40.3 37.7 41.9 36.2 37.5 34.3 31.8 33.2 33.2 30.0 32.9 28.6 32.8 30.8 33.8 32.5 33.4 33.1 29.2 31.6 30.3 32.0 34.5 31.2 29.6 28.8 34.6 31.0 34.7 39.0 34.2 47.3 46.4 45.2 44.9 47.5 46.5 44.3 44.6 44.2 44.5 39.1 40.4 39.2 38.3 41.4 42.4 39.0 42.7 39.0 36.6 35.0 33.1 35.0 34.7 32.7 34.2 30.2 33.8 34.0 35.5 36.1 34.5 34.5 33.2 34.1 33.5 36.8 34.8 35.9 35.4 33.3 39.1 35.1 39.1 38.5 34.9 Inventories (sentiment) Imports New Exports Orders Backlog of Work Average Input Price Inventory Employment Level New orders Business Activity COMPOSITE PMI Month Table 13: Non-Manufacturing PMI Data Series 47.8 48.1 47.6 43.8 48.1 43.8 47.0 46.1 40.2 43.0 44.3 42.7 44.0 44.0 45.9 45.2 41.8 47.2 41.6 43.6 41.1 39.8 40.3 38.5 38.0 39.4 37.9 38.7 41.1 41.6 45.5 38.7 40.6 41.1 43.6 42.7 41.5 42.0 44.2 38.9 40.6 40.3 42.8 40.3 44.1 45.0