Manufacturing PMI edges tad higher from September's 10-month low

01 Nov 2012 Evaluate

Supported by a pick-up in new orders and an easing of price pressures, India’s manufacturing activity growth inched up in October from September's 10-month low. The new orders sub-index, an indicator of future output, increasing for forty-third consecutive month, jumped to 54.9 from 54.4 in September, while export orders registered growth for the second straight month although at a slightly slower pace.

However, the rate of expansion was solid and more or less in line with September’s four-month high. Stronger international demand, the launch of new products and favorable exchange rate conditions mainly was responsible for new export business growth.

According to the HSBC purchasing managers’ index (PMI), a headline index designed to measure the overall health of the manufacturing sector, expanded at steady space of 52.9 in October, broadly unchanged from September reading of 52.8. A PMI reading above 50 indicates expansion in the sector, while one below suggests decline. The index has remained above 50 for over three and half years now. Meanwhile, data released last month showed manufacturing rose 2.9 percent in August from a year earlier after contracting 0.4 percent in the previous month.

Additionally eight successive month of growth was recorded for employment in the month of October, with payroll numbers too being raised to support new orders growth. The inflation picture notably eased with both output and input prices rising at a slower pace. While input prices inflation in the Indian goods-producing sector persisted in October, the pace of increase was the slowest in 25-months, output prices increased at slowest rate in 23-months.

The October reading of HSBC PMI points to a further improvement in the health of the manufacturing sector, which witnessed the weakest growth rate in ten months in September. However, going forward, the recovery in manufacturing sector, which accounts for around 15 percent of India's gross domestic product, is likely to be ‘slow’, HSBC said, adding that outstanding work in the Indian manufacturing sector was accumulated at a sharp rate during October mainly due to persistent power shortages.

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