India's Manufacturing PMI Improves To 58.3 In June As Employment Generation Hits Fresh Peak
India’s manufacturing sector witnessed a slight recovery in its growth in June as the seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) improved to 58.3 in the month under review.
The survey, compiled by S&P Global, revealed that the manufacturing PMI stood at 57.5 a month earlier in May. The domestic manufacturing sector managed to recover some of its ground lost in May as the data for June revealed strong demand conditions helped promote an expansion in new orders, output, and buying levels.
The companies clocked the fastest growth rate seen in employment generation in over 19 years. As such, the PMI stood comfortable past its long-run average.
“Manufacturing output increased at a sharp pace that was faster than in May, as underlying demand remained favourable and new business continued to flow in. The performance of the consumer goods industry was especially strong, although substantial increases were also noted in the intermediate and investment goods categories. June saw a stronger expansion in sales at manufacturers in India. Buoyant underlying demand, higher export volumes and successful advertising all fuelled growth, anecdotal evidence showed,” the survey noted.