India: Manufacturing PMI virtually unchanged, services PMI reaches 17-month high
July 3, 2014
The Markit HSBC manufacturing Purchasing Managers Index (PMI) barely changed in June, inching up from 51.4 in May to 51.5. June’s reading did represent the highest print since February. The PMI index remains above the 50 threshold that separates expansion from contraction in business conditions in the manufacturing sector.
According to Markit HSBC, June’s figure indicated that conditions for Indian manufacturers are continuing to improve. Expanding domestic and foreign demand led companies to increase production levels and employment in June.
The services PMI also increased in June, rising from 50.2 points in May to 54.4 points, which marked the highest level since January 2013. June’s increase drove the index further above the 50 threshold. According to Markit HSBC, the improvement was mainly due to, “stronger business inflows and better economic conditions.”