India: Manufacturing PMI inches up, services PMI reaches 11-month high
June 6, 2014
The manufacturing HSBC Purchasing Managers Index (PMI) inched up from 51.3 in April to 51.4 in May, which represented the highest print since February. As a result, the PMI index remains above the 50-point threshold that separates expansion from contraction in business conditions.
According to HSBC, May’s figure indicated that production among Indian manufacturers rose again, after having remained unchanged in April. Growth in total new orders and new export business accelerated, which improved job prospects across the sector.
The services PMI also increased in May. It edged up from 48.5 points in April to 50.2 points in May, which marked the highest level since June 2013. The index crossed the 50-point threshold for the first time since June last year, mainly due to increases in new orders and improving conditions in client demand.