S&P Global PMI says manufacturing production and ordersincreased in November

According to the S&P Global India Manufacturing Purchasing Managers’ Index (PMI), which
increased from 55.3 in October to 55.7 last month, November saw the best growth in output
and new orders for the manufacturing sector in India since August, and falling input costs
helped sentiment reach an eight-year high.
A PMI reading of 50 implies no change from the prior month in economic activity, whereas
one above 50 suggests an expansion.
As new export orders increased at the second-fastest rate since May, companies reported a
noticeable improvement in the global market for their products. However, inflation in input
cost fell drastically to the lowest level in 28 months.
The rate at which producers increased prices and passed them on to consumers decreased to
the slowest rate since February 2022, despite rising costs for metals, paper, and
transportation. In actuality, 92% of the 400 companies surveyed by S&P Global did not alter
their fees from levels in October.
Consumer and intermediate goods categories saw an increase in new orders and output, but
capital goods makers reported a slowdown. For the ninth consecutive month, employment
increased steadily as businesses readjusted their operating capacities to match the uptick in sales.

To accommodate increasing sales, businesses had to ramp up production and rebuild
stockpiles, which was reflected in a sustained rise in input purchases in November.
According to S&P Global, the rate of accumulation was significant and the second-fastest
since July.


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