Manufacturing growth eases in October: PMI survey

Manufacturing PMI eased to 54.7 in October from 55.1 in September as output and new orders growth moderated, while export orders recorded their fastest rise in six months.

NEW DELHI: Moderation in output and fresh orders eased activity in the manufacturing sector in Oct, even as export orders rose at their fastest pace in six months. HSBC India manufacturing purchasing managers’ index (PMI) released Monday -a high frequency indicator used to gauge the activity levels in the sector – came at 54.7 in Oct from 55.1 in Sept.The headline figure remained well above the neutral 50 mark – which separates contraction in the sector from expansion – and above its long-term average, with the output growth easing primarily because of slower expansion among intermediate goods manufacturers, the survey said.On export front, companies reported gains from a broad range of destinations, including Bangladesh, Canada, Indonesia, Oman, Saudi Arabia, Sri Lanka, the UK, US and UAE.