The seasonally adjusted purchasing managers' index (PMI) for the
manufacturing sector dropped to 52.9 in July from 55 in June. A PMI reading
above 50 indicates expansion in the sector, while one below suggests decline.
New orders grew at the weakest pace since November 2011, with new
export orders falling for the first time since October 2011 hurt by the
lingering global economic slowdown. Chief Economist of HSBC for India Mr. Eskesen said that orders decelerated faster than
inventory accumulation, suggesting that the slowness in output expansion will
continue in the months ahead.
In another sign of cooling
economy, India's merchandise exports fell
5.45% to $25.07 billion in June from a year earlier, while imports slid 13.46%
to $35.37 billion, according to provisional data issued by the
Ministry of Commerce.
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