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Financial News: India Manufacturing Growth At 15-month Low

India Manufacturing Growth At 15-month Low

09/02/2019 - 03:55:00 (RTTNews)

(RTTNews) - India's manufacturing growth slowed in August to its weakest level in over a year, amid weaker increases in sales, output and employment, survey data from IHS Markit showed on Monday.

The headline IHS Markit manufacturing Purchasing Managers' Index, or PMI, fell to 51.4 in August from 52.5 in July. The reading was the lowest since May 2018. Any score above 50 indicates expansion in the sector.

New business expansion eased to the lowest level in fifteen months in August and new orders growth was the weakest seen since April 2018.

Employment level rose marginally in August and backlogs of work remained unchanged.

Input buying fell for the first time in fifteen months and at the fastest pace since mid-2017. Holdings of raw material and semi finished goods decreased.

On the price front, input price inflation accelerated to a 9-month high in August, but remained below average.

"Until manufacturers are willing to loosen the purse strings, it's difficult to foresee a meaningful rebound in production growth on the horizon," IHS Markit economist Pollyanna de Lima said.

"Another factor restricting quantities of purchases was a pick-up in the rate of increase in input prices. While not alarming, the acceleration in cost inflation may restrict central bank stimulus to the economy in the near-term."

Economic sentiments strengthened to the highest level in sixteen months, the survey said.

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