Financial News: India Manufacturing Growth Eases Slightly In August

India Manufacturing Growth Eases Slightly In August

09/02/2024 - 03:26:00 (RTTNews)

(RTTNews) - India's manufacturing sector continued to expand strongly in August, though the pace of growth eased somewhat amid softer rises in new orders and output, survey results from S&P Global showed on Monday.

The seasonally adjusted HSBC Manufacturing Purchasing Managers' Index dropped to 57.5 in August from 58.1 in July. Nonetheless, a score above 50.0 indicates expansion.

New orders grew at the slowest pace in seven months in August amid competitive conditions. The overall growth was attributed to the increase in advertising, brand recognition, and healthy demand trends. New export orders also increased at a weaker rate.

During August, firms expressed concern about fierce competition and shifts in consumer preferences negatively impacted output at their units. The pace of expansion in output eased to the slowest since January. Job creation also softened, but the overall rate of employment growth was solid.

On the price front, cost pressures eased in August, and the rate of input prices rose at the slowest pace in five months. This helped firms to increase their purchasing activity for additional raw materials and semi-finished goods. Despite this, selling price inflation accelerated.

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