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Manufacturing sector growth falls to 4-month low in Feb.: PMI
Context:
- India’s manufacturing sector activity fell to a four-month low in February, as factory output and new business orders rose at a slower pace, according to a monthly survey.
Nikkei India Manufacturing Purchasing Managers Index (PMI):
- The Nikkei India Manufacturing Purchasing Managers Index (PMI) fell to 52.1 in February from 52.4 in January, indicating a modest improvement in operating conditions.
- This is for the seventh consecutive month that the index remained above the 50-point-mark that separates expansion from contraction.
- According to Japanese financial services major Nomura, India’s manufacturing PMI remained in the expansion zone, but suggested some consolidation after the rapid ramp up of activity in December.
- In December 2017, the index had touched a 60-month high of 54.7.
Highlights of the survey:
- On the prices front, the survey said that cost inflation accelerated to the sharpest since February 2017, adding to expectations that inflationary risks will continue over the coming months.
- The survey further noted that Indian manufacturers remained optimistic towards the 12-month outlook for output during February.
