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India’s manufacturing sector activity for June was at 57.8 lower than May’s 31-month high of 58.7, revealed latest data from manufacturing Purchasing Managers’ Index (PMI), compiled by S & P Global.
The PMI of 57.8 is slightly higher than the key level of 50, indicating expansion in activity. This expansion was due to a jump in new work orders, which was one of the strongest rates since February 2021. International orders in June were also higher though it increased at a slower pace.
Increased production and employment
Over the last one and a half year the production has increased at one of the fastest rates in order to meet demand. In June manufacturers employed additional workers as the capacity pressures were mild.
In addition strong underlying demand also boosted business confidence, pushing the positivity around future business activity to its highest in this year.
The higher prices for labour in addition to some raw materials pushed the input costs in June. However, the rate of inflation was only minutely higher in comparison to May and below the long-run average.
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