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Manufacturing activity hits 8-month low in September: Survey
Industry News- Oct 07,24
Business confidence levels also dipped to their lowest since April 2023, reflecting a cautious outlook within the sector.
Manufacturing activity in India slowed to its lowest level in eight months in September, with softer factory production and sales, and a significant dip in global orders, according to a recent survey. The HSBC India Manufacturing Purchasing Managers' Index (PMI) fell to 56.5 in September from 57.5 in August, marking its weakest performance since January. A reading above 50 indicates expansion, while below 50 signals contraction.
Business confidence levels also dipped to their lowest since April 2023, reflecting a cautious outlook within the sector. Pranjul Bhandari, Chief India Economist, HSBC, noted that the momentum in India’s manufacturing sector had weakened compared to the robust growth seen in previous months. The slowdown in export demand was a key factor, as the new export orders index hit its lowest since March 2023.
While factories continued to operate at a pace above the long-term average, growth in consumer and capital goods segments softened, with only intermediate goods showing steady performance. As a result, overall expansion in the sector eased to an eight-month low.
Hiring growth also declined in September, with fewer part-time and temporary workers employed across some firms. However, those that added staff cited upcoming projects as the primary reason for the new hires.
(Hindustan Times)
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