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<Econ> India Mar HSBC Manufacturing PMI Final at 53.9, Nearly Four-Year Low; Cost Inflation Hits 43-Month High
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HSBC and S&P Global jointly announced that, after seasonal adjustment, Indias HSBC Manufacturing PMI final reading for March was slightly revised up but fell from the previous 56.9 to 53.9, marking a nearly four-year low. The figure was still slightly above market expectations confirming the flash estimate of 53.8. The index also declined below its long-term average of 54.2. During the period, Indian manufacturers were affected by the conflict in the Middle East and heightened uncertainty, compounded by rising cost pressures and intense competition, leading to slower growth in new orders and output. Input cost inflation accelerated to a 43-month high since August 2022. Companies absorbed the increase in costs and were reluctant to raise prices significantly, resulting in factory gate charge inflation falling to a two-year low. Firms increased precautionary inventories, supporting employment growth (the highest in seven months) and purchases of inputs. Backlogs of work declined for the first time in nearly one and a half years. However, export sales recorded the largest increase since September last year. Companies became more optimistic about the outlook for the coming year. (da/w) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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