India's manufacturing sector activity, the S&P Global Purchasing Managers' Index, for the month of October came in at 55.5. This is lower than 57.5 reported in September. The manufacturing sector activity was at 58.6 in August.
While October's PMI is higher than the 50 key level, which indicates expansion in activity, the reading is the lowest in eight months, according to S&P Global report, weighed by competitive pressures and weak demand at some plants. Anything below 50 indicates contraction.
According to S&P Global reports, the increase in total new orders, production, exports, buying and stocks for substantial but slower during October. Hiring activity declined, and business confidence fell to a five-month low.
Fewer than 4% of companies hired extra staff during the period, and 95% left the workforce numbers unchanged. The rate of job creation was the slowest since April.
India's manufacturing output increased further in October, stretching the current sequence of expansion to over two years. The upturn was linked by firms to positive market conditions and healthy intakes of new work, S&P Global said.
The growth of international sales remained historically strong despite losing momentum in October. The rise was the weakest in four months. Those firms that experienced an increase in new orders from abroad reported gains from Asia, Europe, the Middle East and the US.
First Published: Nov 1, 2023 10:49 AM IST
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