PMI manufacturing drops to 54.7 in October
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Manufacturing activity in India slowed as the Purchasing Managers’ Index fell to 54.7 in October.
- ✓S&P Global reported that while growth rates softened, the sector remained in expansion.
- ✓Pranjul Bhandari said, “India’s manufacturing PMI softened to 54.7 in October from 55.1 in the previous month but remained firmly in expansionary territory.”
Story at a Glance
- Category
- BUSINESS
- Reported By
- Business Line
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
Amid festivities, manufacturing activity in India slowed a bit, with the Purchasing Managers’ Index (PMI) dropping to 54.7 in October, S&P Global reported on Monday. However, fresh job creation recorded an increase during the month, albeit at a slower pace.
The data showed mixed trends. While output and new orders rose sharply, growth was at softer rates. Meanwhile, export order growth hit six-month igh and selling price inflation eased to nearly a four-year low.
The PMI is derived based on responses from purchasing executives of 400 companies. Index above 50 means expansion, while below 50 means contraction.
“India’s manufacturing PMI softened to 54.7 in October from 55.1 in the previous month but remained firmly in expansionary territory and above its long-run average,” Pranjul Bhandari, Chief India Economist at HSBC, said. Further she said that strong international demand pushed growth of new export orders to a six-month high, supporting a robust rise in output.
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