India’s manufacturing PMI falls in December
by ChemOrbis Editorial Team - content@chemorbis.com
According to the seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index™ (PMI) conducted by S&P Global, India’s manufacturing PMI was released at 54.9 in December, down from 56 in November. This indicated the lowest figure in eighteen months.
Despite the downturn, the market continued to expand steadily. Factory orders and output increased, albeit at a slower pace, while business confidence for the 2024 outlook stiffened.
A PMI reading above 50 indicates growth in the manufacturing sector, while a reading below that level suggests contraction.
“India’s manufacturing sector continued to expand in December, although at a softer pace, following an uptick in the previous month. Growth of both output and new orders softened, but on the other hand, the future output index rose since November. Rates of increase in input and output prices were broadly unchanged,” Pranjul Bhandari, Chief India Economist at HSBC, said.
Despite the downturn, the market continued to expand steadily. Factory orders and output increased, albeit at a slower pace, while business confidence for the 2024 outlook stiffened.
A PMI reading above 50 indicates growth in the manufacturing sector, while a reading below that level suggests contraction.
“India’s manufacturing sector continued to expand in December, although at a softer pace, following an uptick in the previous month. Growth of both output and new orders softened, but on the other hand, the future output index rose since November. Rates of increase in input and output prices were broadly unchanged,” Pranjul Bhandari, Chief India Economist at HSBC, said.
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