India: Composite PMI eases in January on weaker expansions in manufacturing and services output
The S&P Global Composite Purchasing Managers’ Index (PMI) came in at 57.5 in January, down from December’s near 11-year high of 59.4 but above its long-term average of 54.1. As a result, the index moved closer to the 50.0 no-change threshold, signaling a weaker improvement in private sector operating conditions compared to the previous month.
The Manufacturing PMI came in at 55.4 in January, down from December’s 57.8. Meanwhile, the Services PMI decreased to 57.2 in January (December: 58.5). In both sectors, output and new orders rose at softer rates. Meanwhile, employment levels were little changed in both sectors. Looking at prices, while both input and output inflation fell in the services sector, in the manufacturing sector, input inflation rose and output inflation fell. Finally, business sentiment remained optimistic in both sectors.