India Manufacturing PMI Falls to 52.8 in August as Output and New Orders' Growth Slowed to Five-Year Low: HSBC
S&P Global said the slowdown reflected weaker orders and cooling export demand, while manufacturing jobs contracted for the first time in two-and-a-half years.
- India's manufacturing PMI slipped to 52.8 in August, falling below its long-run average of 54.2 as output and new orders growth slowed to five-year lows, according to The HSBC India Manufacturing Purchasing Managers Index.
- The report linked the deceleration to "the weaker upturn to challenging market conditions and subdued appetite for some products," while International demand also displayed signs of cooling.
- Employment edged into a mild contraction in August, the first decline after more than two years of job growth, Pranjul Bhandari, Chief India Economist at HSBC, said. Input Cost pressures continued to ease.
- Consequently, output price inflation rose at its slowest rate in 45 months, with fewer than 7 per cent of monitored firms increasing their selling prices to remain competitive.
- Business sentiment improved to its strongest point since May, though it remained subdued by historical benchmarks, with around 16 per cent of surveyed companies anticipating production growth over the next twelve months.
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India’s PMI slips to 52.8 as factory growth loses steam, hits five-year low
In August, India's manufacturing sector experienced its most significant slowdown in five years, with production and new orders seeing a decline. This downturn marked the lowest activity level since August 2021, causing a contraction in employment for the first time in two and a half years. Although there was a slight increase in purchasing activity, overall overseas demand weakened, and while business confidence grew, it remained below historic…
India Manufacturing PMI falls to 52.8 in August as output and new orders' growth slowed to five-year low: HSBC
The HSBC India Manufacturing Purchasing Managers' Index (PMI) noted that the seasonally adjusted index declined from 53.5 in July to 52.8 in August. The latest figures highlighted the weakest improvement in the health of the manufacturing sector in five years.
India's Manufacturing PMI Slips to 5-Year Low in August on Weak Demand
India's manufacturing sector growth decelerated to a five-year low of 52.8 in August, down from 53.5 in July, as output and new orders moderated due to softer demand conditions, according to the HSBC India Manufacturing Purchasing Managers' Index (PMI).
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