Market Commentary and Intraday News

Indian Factory Sector Growth Slows In July: Markit

297 days ago

(RTTNews) - Activity in India's manufacturing sector increased at a slower pace in July, data from a survey by Markit Economics and HSBC Bank showed Wednesday.

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.

Production at manufacturing firms increased at the slowest pace in the past eight months, reflecting the weaker order growth. Firms raised their workforces modestly during the month, but the rate of increase was slower than in the previous month. .

Input prices increased at a slower pace in July. Companies increased factory gate prices to reflect rising fuel, labor and raw material costs.

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