India: Composite PMI rises in August
September 5, 2022
The S&P Global Composite Purchasing Managers' Index (PMI) came in at 58.2 in August, up from July's 56.6. As a result, the index rose further above the 50-threshold, indicating a faster expansion in business activity from the previous month.
The Manufacturing PMI clocked in at 56.2 in August, down slightly from August’s 56.4, as weaker expansions of employment and stocks of purchases cancelled out stronger expansions of output and new orders. Meanwhile, input inflation in the manufacturing sector fell to a one-year low. Lastly, the Services PMI rose to 57.2 in August (July: 55.5). The sector gained momentum due to the recent lifting of Covid-19 restrictions, with new orders and output accelerating—supporting the highest hiring activity in over 14 years. Meanwhile, input inflation in the services sector fell to an 11-month low, with output inflation remaining broadly similar to that seen in July.