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  3. India manufacturing PMI remains flat in June at 50.3

India manufacturing PMI remains flat in June at 50.3

01 Jul 2013 Evaluate

Indian factory activities remained weak in June as output contracted for the second consecutive month and order books contracted for the first time in over four years. However, consistent with a marginal expansion of the country’s manufacturing sector, the HSBC Purchasing Managers’ Index (PM) recorded above the no-change threshold for the fifty-first consecutive month in June, by coming at 50.3, slightly higher from 50.1 in May.

Although marginally, total new orders during June, fell for the first time since March 2009. A sub-index measuring overall new orders fell to 49.7, from 50.5 in May, below the watershed level for the first time since March 2009. However, the little expansion was witnessed on account of increased export order. In fact, export business rose at the sharpest rate since January as demand from key foreign clients strengthened.

Meanwhile, reduced output levels were recorded for the second month running in June, amid evidence of tougher economic conditions and persistent power cuts. The economy grew at its slowest pace in a decade in the fiscal year that ended in March and economic data since then has underwhelmed suggesting no relief from the current slowdown. On the price front, despite the moderate pace of growth, output prices picked up slightly and input prices rose more notably, partly in response to the depreciation of Rupee. Input cost inflation accelerated to the sharpest since February. The rate of charge inflation was, however, modest as competition for new work persisted and weighed on pricing power.

The only bright spot remained the fastest rate of employment since March. Amid reports of power, raw material and water shortages, backlogs of work were accumulated again in June, which subsequently led to manufacturers adding to their workforce numbers in June.

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