September PMI shows global recovery remains fragile

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The average performance of manufacturing activities in leading economies across the globe in September 2020 shows that global recovery from the disruptive impact of the COVID-19 pandemic remains fragile, as Manufacturing Purchasing Managers’ Index (PMI) came in disappointing in four of the six monitored economies.

September PMI shows global recovery remains fragile
Photo by Kyle Glenn

The PMI is a leading macroeconomic indicator, used to gauge the overall performance of the manufacturing sector of any economy as it relates to Production level, New orders, Supply delivery, Employment, and Inventory build-up.

Trend of Manufacturing PMI in Selected Economies

September PMI shows global recovery remains fragile
Sources: Investing.com, CBN, GTI Research

A PMI reading above 50 index points implies expansion of manufacturing activities in the period under review, a PMI below 50 index points indicates contraction of the manufacturing sector, while a PMI of 50 index points indicates no change in manufacturing sector performance from the previous month.

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According to the September manufacturing reading published by top economies this week, manufacturing activities in the U.S. and UK rose at a weaker pace compared to the prior month, while the Index picked up markedly in Germany and France compared to the prior month.

The index, (though better than the prior month) settled below the expansion region (above 50 index points) in Japan, while Nigeria witnessed a retrogression of the recent improvement in its reading as the index for September printed at 46.9 index points, compared to 48.5 index points in the preceding month.

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