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India's Manufacturing Activity Falls To A 2-Year Low In Oct

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In October, India's factory activity growth hit a two-year low as new orders and output rose at a slower pace, dragging business confidence to its weakest since early 2017, a survey showed on Friday.

India's Manufacturing Activity Falls To A 2-Year Low In Oct
 

The Nikkei Manufacturing Purchasing Managers' Index (PMI), compiled by IHS Markit, fell to 50.6 for the last month from 51.4 in September.

However, it has remained above the 50-point threshold mark for the 27th straight month, an uninterrupted run not seen for around five years. PMI readings above 50 mean expansion while below the level indicates contraction.

"PMI data for October showed a continuation of manufacturing sector weakness in India, with sales growth softening to the slowest in two years," noted Pollyanna De Lima, principal economist at IHS Markit.

"Weakening demand had a domino effect in the manufacturing industry, knocking down rates of increase in production, employment and business sentiment."

The data mirrors the deceleration in global manufacturing activity after a protracted US-China trade war took a toll on business sentiment, investment and overall growth.

On Thursday morning, China reported its fifth straight month of shrinking factory activity in October. The country's official PMI for manufacturing came at 49.3 in October.

Story first published: Friday, November 1, 2019, 11:16 [IST]
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