India PMI September 2022

India: Composite PMI eases in September

The S&P Global Composite Purchasing Managers’ Index (PMI) came in at 55.1 in September, down from August’s 58.2. As a result, the index moved closer to the 50-threshold, indicating a slower expansion in business activity from the previous month.

The Manufacturing PMI clocked in at 55.1 in September, down from August’s 56.2, as weaker expansions of output and new orders cancelled out stronger expansions of employment and input purchasing. Meanwhile, input inflation in the manufacturing sector fell to the lowest level since October 2020. Lastly, the Services PMI dropped to 54.3 in September (August: 57.2). The sector lost momentum as household purchasing power continued to weaken in the face of the rising cost of living. More positively, in the services sector specifically, input inflation remained little changed from August’s 11-month low, and output inflation dipped to a six-month low.

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