Nigerian private sector returned to expansion in July, after three successive months of decline, following an uptick in new orders and easing of the coronavirus (COVID-19) induced lockdown.
The report shows that though both business activity and new orders increased, the severity of the COVID-19 downturn meant that spare capacity remained evident, leading to a further reduction in employment.
Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show deterioration. The headline PMI posted 50.4 in July, up from 46.4 in June and above the 50.0 no-change mark for the first time since March, signaling only a slight improvement in business conditions following a severe downturn due to the COVID-19 pandemic.The report further shows that the recent surge in prices extended into the second half of the year, with overall input prices rising at the sharpest pace in the survey’s history.
In response, firms also raised their output prices at the fastest rate since the survey began in January 2014. According to the report, signs of improving demand were central to a strengthening of business conditions. “New orders increased for the first time in four months. Business activity also returned to growth for the first time since March on the back of higher new orders and an easing of the lockdown,” the report said.All rights reserved.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
138 Nigerian Women Trapped In Saudi Arabia –Report | Sahara ReportersSome of the ladies, at different locations in the country were in critical health conditions and needed to be attended to in good time.
Read more »
Special Report: How Boko Haram-displaced women, girls are sexually abused at IDP camps (1)Teenage and underage girls at IDP camps are daily abused but hardly do the survivors or their families speak out.
Read more »
Businesses thrive after 4 months of COVID-19 – ReportThe Nigerian private sector returned to expansion during July, following three successive months of decline, the Nigeria Purchasing Managers’ Index July report has said. Both bus...
Read more »
Magu: Panel May Submit Report Next Week | Sahara ReportersMagu: Panel May Submit Report Next Week | Sahara Reporters It was also learnt that although the President recommended a public sitting, the commission led by Salami had been holding its activities behind closed doors. NigeriaGov officialEFCC READ MORE:
Read more »
Magu: Panel may submit report next week
Read more »
Pay of half Nigeria's top-earning CEOs not justified by companies' performance — Report | Premium Times NigeriaIn 2019 financial year, only a few top CEOs were able to reflect their increased pay in their companies' corporate earnings
Read more »