Manufacturing activity contracted for the second month in a row in July: PMI
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New Delhi: Manufacturing activity in India contracted for the second month in a row in July. This happened as the rate of production growth and new orders slowed slightly, a monthly survey said on Tuesday. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) declined to 57.7 in July from 57.8 in June.
The survey states that despite this decline, the Indian manufacturing sector has maintained a strong growth. PMI data indicated an improvement in overall operating conditions in July for the 25th consecutive month. In PMI parlance, a score above 50 means that activities are expanding and a score below 50 indicates a contraction.
“India’s manufacturing sector growth showed no signs of slowing in July as production remained operational on a strong increase in new orders,” said Andrew Harker, director of economics at S&P Global Market Intelligence. The survey said the rate of increase in production and new orders slowed slightly compared to June. The pace of job creation during this period was broadly in line with the trends in May and June. Cost inflationary pressures remained relatively low.
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