Manufacturing PMI falls to an eight-month low

India’s manufacturing activity in October grew at the slowest pace in eight months, dragged down by slowing demand in the consumer goods segment, even as new orders dropped to the lowest in a year and cost pressures intensified, a private survey said.

- Rhik Kundu

The purchasing managers index (PMI) fell to 55.5 in October from 57.5 in September, according to S&P Global Market Intelligence. Though the October PMI Manufacturing data was above its long-run average of 53.9, it was the slowest rate of expansion recorded since February. The 50-mark separates expansion from contraction.

The survey pointed to the rate of job creation being the slowest since April, with 4% of companies hiring additional people and 95% not hiring new staff.