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Financial News: India's Manufacturing Sector Growth Weakens In May

India's Manufacturing Sector Growth Weakens In May

06/01/2017 - 01:22:00 (RTTNews)

(RTTNews) - India's manufacturing activity expanded at a slower pace in May, survey data from IHS Markit showed Thursday.

The Nikkei manufacturing Purchasing Managers' Index fell to a three-month low of 51.6 in May from 52.5 in April. Nonetheless, the score above the neutral 50 indicates expansion.

Data showed that rates of increase eased in both new orders and output. International demand for Indian goods also deteriorated in May.

Amid reports of the non-replacement of voluntary leavers and shortages of suitable labor, manufacturing jobs in India decreased in May.

On the price front, survey revealed that input costs rose at the slowest rate since last September,whereas charge inflation accelerated in May.

"With inflation under control and manufacturing growth below par, we may see the RBI changing neutral monetary policy stance to accommodative in coming months in order to support the economy," Pollyanna De Lima, an economist at IHS Markit and author of the report, said.

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