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India’s manufacturing PMI eases for second month

Mumbai: Manufacturing activity growth  in the country eased  for second month in a row.  The Manufacturing Purchasing Managers’ Index (PMI), compiled by S&P Global, dipped to 57.7  in July.  It was at 57.8 in June.

The Manufacturing Purchasing Managers’ Index of India surged to a 31-month high in May. The Manufacturing Purchasing Managers’ Index touched 58.7 in May from April’s 57.2. It remained above the 50-mark separating growth from contraction for a 25th consecutive  month.

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The PMI is a weighted average of the five indices, namely  New Orders (30%), Output (25%), Employment (20%), Suppliers’ Delivery Times (15%), and Stocks of Purchases (10%). The index is compiled by S&P Global from responses to questionnaires sent to purchasing managers in a panel of around 400 manufacturers.

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