U.S. jobs growth slows in September as unemployment climbs to 4.2%

Nigeria's composite Purchasing Managers' Index (PMI) surged to 53.0 in September, marking the fourth consecutive month of expansion in the nation's economic activity, according to the Central Bank of Nigeria (CBN). The composite PMI climbed from 52.7 in August, with the key sectors of Industry, Services, and Agriculture all recording growth during the review month. The September figure was bolstered by increases in output, new orders, employment, and raw material inventories, while supplier delivery times also improved.

The CBN stated that the September composite PMI signified ongoing expansion across the economy, with New Orders registering the most significant month-on-month improvement among the main components. The overall expansion across the three primary sectors kept the composite PMI above the 50-point mark that separates growth from decline.

In September, the Industry PMI reached 52.0 points, up from 50.6 in August, signaling a second consecutive month of growth in industrial activity. Out of the 16 industrial subsectors, ten experienced expansion, with Water Supply, Sewerage & Waste Management recording the most substantial growth. Conversely, six industrial subsectors contracted during the month, with Chemical & Pharmaceutical Products experiencing the sharpest decline.

The Services PMI remained steady at 53.2 points in September, only marginally different from 53.3 in August and marking the third consecutive month of growth in services activity. The Services sector maintained the expansionary trend that began in July, despite the slight drop from its August reading. The Agriculture PMI decreased slightly to 53.1 points in September from 53.4 in August but stayed above the 50-point threshold for the 26th consecutive month.

Furthermore, the CBN reported uneven price changes during September. The composite input price index rose by 0.8 points, while the output price index fell by 0.5 points. Input prices rose more rapidly than output prices in both the Services and Agriculture sectors during the month.