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Financial News: India Manufacturing Sector Rebounds In August

India Manufacturing Sector Rebounds In August

09/01/2020 - 06:56:00 (RTTNews)

(RTTNews) - India's manufacturing activity expanded in August for the first time in five months, amid a rise in output and new orders, survey results from IHS Markit showed on Tuesday.

The headline IHS Markit manufacturing Purchasing Managers' Index, or PMI, rose to 52.0 in August from 46.0 in July. Any reading above 50 indicates expansion in the sector.

Output expanded for the first time since March, driven by greater client demand in August.

New orders increased as the foreign exports declined in August. New business expanded at a faster pace since February.

Job shedding continued in August and relocation of employees due to Covid-19 was linked to reduction in staffing numbers. The rate of backlogs of work was the fastest since December 2012.

Suppliers' delivery time lengthened in August due to supply delay and capacity pressure.

Cost burden increased for the first time since March, with the rate of input price inflation highest since November 2018, while factory gate charges lowered.

Manufacturers remained optimistic for the next 12 months and market uncertainty and the onset of global recession weighed slightly on the degree of confidence.

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