New Delhi: India’s manufacturing activity eased to a three-month low in August. The HSBC final India Manufacturing Purchasing Managers Index (PMI), compiled by S&P Global, came in at 57.5 in August. It was at 58.1 in July. The figure stood at 58.3 in June, 57.5 in May, and 58.8 in April.
However, the index has remained above both its long-term average and the 50-point mark for nearly three years. This mark separates contraction from expansion. A score above 50.0 indicates expansion.
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The HSBC Global India Services PMI is compiled from responses to questionnaires sent to about 400 service sector companies. The PMI data is an indicator of the health of the economy. It serves as a crucial economic health indicator.
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%).
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