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India manufacturing PMI slips to 52.8 in August
The Hindu BusinessLine··1 Sept
India's manufacturing PMI fell to 52.8 in August from 53.5 in July, S&P Global reported. That was a five-year low and the third straight monthly decline. The survey covers 400 companies; readings above 50 signal expansion. Employment edged into mild contraction after more than two years of gains. HSBC's Pranjul Bhandari said output growth was weakest since August 2021.
Prism
What It Means For You
- Factory hiring softened, with employment falling fractionally after more than two years of gains.
- Input cost inflation eased, and firms raised selling prices more slowly.
- Export orders still rose, including to Australia, Germany, China, Spain, Thailand and the US.
What's Happening
- New business growth was the slowest in five years as some product demand stayed soft.
- Input buying expanded for a sixty-second month but at the weakest rate in that run.
- About 16 percent of firms still forecast higher output over the next 12 months.
What The 50 Line Means
- A PMI above 50 marks expansion; August's 52.8 stayed above that line at a five-year low.
- July's reading was 53.5, so August extended a three-month slide.
- Business Standard noted the print also sat below the long-run average of 54.2.
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