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Manufacturing output rose for the 33rd month running in March leading to a mild increase in the pace of job creation in March

India's manufacturing PMI soars to highest level since 2008; hiring ramped up

<h2>Manufacturing output rose for the 33rd month running in March leading to a mild increase in the pace of job creation in March</h2>

India's manufacturing sector growth climbed to a 16-year high in March on the back of the strongest increase in output and new orders since October 2020, amid reports of buoyant demand conditions, a monthly survey said on Tuesday.
<h3>Manufacturing PMI</h3>
The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) surged to a 16-year high of 59.1 in March, from 56.9 in February, reflecting stronger growth of new orders, output and input stocks as well as renewed job creation.
In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction.
"India's March manufacturing PMI rose to its highest level since 2008. Manufacturing companies expanded hiring in response to strong production and new orders. On the back of strong demand and a slight tightening in capacity, input cost inflation picked up in March," Ines Lam, Economist at HSBC, said.
Manufacturing output rose for the 33rd month running in March, and to the greatest extent since October 2020. Growth quickened across the consumer, intermediate and investment goods sectors.
Inflows of new work strengthened from both domestic and export markets. New export orders increased at the fastest pace since May 2022, the survey said.
Quantities of purchase increased at the quickest rate since mid-2023, and one that was among the strongest in nearly 13 years, as companies sought to build up stocks in advance of expected improvements in sales.
On the job front, after leaving payroll numbers broadly unchanged in the previous two months, manufacturers in India took on additional workers in March. The pace of job creation was mild, but the best since September 2023, the survey said.
On the price front, despite remaining modest by historical standards, cost pressures were at their highest in five months. Companies reported having paid more for cotton, iron, machinery tools, plastics and steel.
However, customer retention remained a priority for goods producers who raised their charges to the least extent in over a year.
On the outlook for the Indian manufacturing sector, companies remained confident on an average, with 28% forecasting output growth in the year ahead and 1% expecting a contraction.
The overall level of sentiment remained elevated, but slipped to a four-month low as inflation concerns weighed on confidence.
The HSBC India Manufacturing PMI is compiled by S&amp;P Global from responses to questionnaires sent to purchasing managers in a panel of around 400 manufacturers.&nbsp;

The service sector PMI expanded at the sharpest rate of growth in January at 61.8 driven by advertising, positive demand trends and new client wins

India's service sector clocks highest rate of growth in six months; PMI at 61.8 in January

<h2>The service sector PMI expanded at the sharpest rate of growth in January at 61.8 driven by advertising, positive demand trends and new client wins</h2>

Service PMI:&nbsp;India's service sector witnessed highest growth in six months with its Purchasing Manager's Index (PMI) at 61.8 in January. In December the PMI was at 59. It is the highest since July 2023 when the PMI was 62.3 The service sector in India has been expanding for two and a half years now.
"India's services PMI rose to a six-month high in January. New business expanded at a faster pace and managers' expectation for future activity was strong," said Ines Lam, economist at HSBC
<h3>Service sector grows</h3>
As per the HSBC report, advertising, positive demand trends and new client wins reportedly fuelled sales in the service sector. The data also showed an uptick in new export orders, with January witnessing the highest in three months. The top clients were Afghanistan, Australia, Brazil, China, Europe, the UAE and the US.
Also Read: <a href="https://www.editorji.com/business-news/tata-motors-stock-surges-8-on-stellar-q3-results-hits-all-time-high-1707114464403" target="_blank">Tata Motors stock surges 8% on stellar Q3 results, hits all time high</a>
"The new export business index accelerated, signalling that India's services exports remained robust," said Ines Lam, economist at HSBC
The report further mentioned that even though jobs increased in January to the highest in three months, the rate of inflation was the fastest in five months due to &nbsp;higher food, freight and salary costs.
A PMI of above 50 indicates expansion and below 50 indicates contraction

The HSBC India Services PMI Business Activity Index, adjusted for seasonal variations, surged from 56.9 in November to 59 in December. This marked a substantial rise in output, representing the most significant upturn since September.

India's services sector growth hits 3-month high: PMI surges from 56.9 in Nov to 59 in Dec

The HSBC India Services PMI Business Activity Index, adjusted for seasonal variations, surged from 56.9 in November to 59 in December. This marked a substantial rise in output, representing the most significant upturn since September.

The services sector growth in India rose to a three-month high in December supported by favourable economic conditions and positive demand trends, a monthly survey said on Friday. The seasonally adjusted HSBC India Services PMI Business Activity Index rose from 56.9 in November to 59 in December, highlighting a sharp increase in output that was the most pronounced since September. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction. The survey is compiled from responses to questionnaires sent to a panel of around 400 service sector companies. "India's services sector ended the year on a high note, with an uptick in business activity, led by a three-month high new orders index," said Pranjul Bhandari, Chief India Economist at HSBC. The rise in total new business was supported by continued growth of international sales. Service providers noted higher demand from clients based in Australia, Canada, Europe, the Middle East and South America during December. "Demand buoyancy spurred sales, subsequently fuelling business activity. Job creation extended into a 19th successive month, while business optimism strengthened," the survey said. Going ahead, services firms in India expect the strong demand momentum to carry forward to 2024 on advertising and better customer relationships. On the prices front, cost pressures receded further, reaching their lowest in nearly three-and-a-half years. Still, there was a quicker and solid upturn in selling charges. "Input costs rose at a slower pace than in November, continuing the softening trend which began in mid-2023. But output prices rose at a faster pace, indicating improved corporate margins in December," Bhandari added. Meanwhile, the HSBC India Composite PMI Output Index increased from 57.4 to 58.5, signalling a sharp rate of expansion that was the strongest since September. Composite PMI indices are weighted averages of comparable manufacturing and services PMI indices. Weights reflect the relative size of the manufacturing and service sectors according to official GDP data. The acceleration in December Composite PMI was underpinned by faster growth in the service economy, as factory production rose at the slowest pace in 14 months. According to the survey, goods producers noted a weaker upturn in new orders, while service providers registered an acceleration. At the composite level, sales expanded at the fastest rate since September.&nbsp;

India's service PMI continued to grow in August, however it decreased to 60.1 in August from 62.3 in July

India's service sector continues to grow in August; PMI comes at 60.3 

India's service PMI continued to grow in August, however it decreased to 60.1 in August from 62.3 in July

India's services sector activity eased in August but growth rates for new orders remain elevated, as services firms indicated the sharpest upturn in new export business which acted as a catalyst for firms to expand their workforces as well as output, a monthly survey said on Tuesday.
Despite falling from 62.3 in July to 60.1 in August, the seasonally adjusted S&amp;P Global India Services PMI Business Activity Index indicated one of the strongest increases in output seen since mid-2010.
Also Read: <a href="https://www.editorji.com/business-news/service-pmi-india-s-services-sector-growth-climbs-to-13-year-high-in-july-1691048628348">Service PMI: India's services sector growth climbs to 13-year high in July</a>
For the 25th straight month, the headline figure was above the neutral 50 threshold. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction.
"Indian services companies achieved a remarkable milestone in August, as they welcomed a series record surge in new export business. Several regions contributed to the upturn, including Asia Pacific, Europe, North America and the Middle East," Pollyanna De Lima, Economics Associate Director at S&amp;P Global Market Intelligence, said.
Lima further noted that this spike in international demand supported one of the best sales performances recorded over the past 13 years, and acted as a catalyst for firms to expand their workforces as well as output.
"Demand strength also fostered a heightened sense of optimism regarding the outlook, boding well for economic growth prospects," Lima said.
On August 10, the Reserve Bank of India (RBI) left its key interest rates unchanged for a third straight meeting but signalled tighter policy if food prices drive inflation higher.
The next meeting of the RBI Monetary Policy Committee (MPC) is scheduled for October 4-6.
On the prices front, buoyant demand for services meanwhile aided a further upward revision to selling prices. The rate of charge inflation quickened to the joint-fastest in over six years, while input costs rose to a lesser extent.
"... Favourable demand trends also led to the joint-fastest increase in prices charged for Indian services in over six years, which may prompt attention from policymakers and potentially delay cuts to the benchmark repo rate," Lima added.
On the jobs front, hiring activity across India's service economy continued to expand. The rate of job creation was moderate, but the strongest seen since last November.
Going ahead, monitored companies firmly believed that output would remain on an upward growth path over the course of the coming 12 months.
Advertising, demand strength, plans to price competitively and a healthy number of client enquiries all boosted optimism in August.
Meanwhile, there was a mild slowdown in the growth of private sector activity across India during August.
The S&amp;P Global India Composite PMI Output Index -- which measures combined services and manufacturing output -- fell from 61.9 in July to 60.9 in August. Despite the fall, the S&amp;P Global India Composite PMI Output Index was indicative of a sharp rate of expansion that was among the strongest in over 12 years, the survey said.
The S&amp;P Global India Services PMI is compiled by S&amp;P Global from responses to questionnaires sent to a panel of around 400 service sector companies. The panel is stratified by detailed sector and company workforce size, based on contributions to GDP. Data collection began in December 2005.

The PMI rise was driven by increased new orders and output, with export orders continuing their 17-month growth streak

India's Manufacturing Activity Hits Three-Month High In August, PMI Rises To 58.6

The PMI rise was driven by increased new orders and output, with export orders continuing their 17-month growth streak

India&rsquo;s manufacturing growth gained momentum in August, with the S&amp;P Global Purchasing Managers' Index surging to a three-month high of 58.6 versus the July reading of 57.7.
This surge indicates a robust improvement in manufacturing sector conditions across India, as new orders and output increased at their fastest rates in nearly three years during August.
According to the PMI report, a healthy demand environment and favourable market conditions prompted Indian manufacturers to ramp up production. As a result, output rose for the twenty-sixth consecutive month.
To ensure smooth production, manufacturers procured additional raw materials and semi-finished items in August. Consequently, buying levels increased sharply, marking one of the most rapid rates observed in over 12 years.
Pollyanna De Lima, Economics Associate Director at S&amp;P Global Market Intelligence, commented, "The PMI results for India offer a vibrant snapshot of the nation's manufacturing landscape in August.
The robust and accelerated growth in new orders and production suggests that the sector is poised to make a significant contribution to the second quarter (fiscal) economic growth."However, Lima also highlighted concerns about inflationary pressures, noting, "The emergence of stronger cost inflationary pressures underscores the challenges of managing growth.
Firms responded to rising input costs by adjusting selling prices. Yet, the imperative to remain competitive has helped temper charge inflation.&rdquo;
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India's services PMI increased from 58.5 in June to 62.3 in July touching a 13 year high

Service PMI: India's services sector growth climbs to 13-year high in July

India's services PMI increased from 58.5 in June to 62.3 in July touching a 13 year high

India's services sector growth touched a 13-year high in July as a substantial improvement in demand conditions and pick-up in international sales induced the strongest increase in new business and output, a monthly survey said on Thursday.
The seasonally adjusted S&amp;P Global India Services PMI Business Activity Index rose from 58.5 in June to 62.3 in July, signalling the sharpest increase in output since June 2010.
For the 24th straight month, the headline figure was above the neutral 50 threshold. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction.
"The resilience of the service sector underscores its vital role in fuelling India's economy, with the PMI results for July so far pointing to a notable contribution from the sector to overall GDP for the second fiscal quarter," Pollyanna De Lima, Economics Associate Director at S&amp;P Global Market Intelligence, said.
According to survey members, the upturn was largely attributed to demand strength and new business gains.
Demand for Indian services improved to the greatest extent in over 13 years during July, with around 29 per cent of survey participants reporting higher intakes of new business.
"The broad increases in sales across the domestic and international markets are particularly welcoming news, especially in light of the challenging global economic scenario. Firms noted a widespread upturn in services exports to several nations including Bangladesh, Nepal, Sri Lanka and the UAE," Lima said.
On the inflation front, cost pressures intensified and monitored companies signalled greater food, labour and transportation costs. Despite the rise in cost pressures, charges were raised to a weaker extent as firms were cautious about their pricing strategies.
"Looking at PMI price indices in recent months, it seems that competitive advantage continued to support demand for Indian services, with increases in output prices here modest relative to several other nations," Lima said.
Although input cost inflation ticked higher in July, service providers were again cautious in their price-setting decisions amid efforts to not deter sales, Lima added.
On the job front, companies continued to add to their workforces by hiring a combination of part-time, full-time, permanent and temporary staff. Service sector employment expanded at a slight pace that was broadly similar to those seen in the prior two months.
On the year-ahead outlook for business activity, service providers on average were optimistic. Growth expectations stemmed from forecasts of demand strength and marketing initiatives.
Meanwhile, the S&amp;P Global India Composite PMI Output Index -- which measures combined services and manufacturing output -- rose from 59.4 in June to 61.9 in July.
"July data signalled a substantial increase in private sector activity across India, with the rate of expansion quickening to a 13-year high," the survey said.
The S&amp;P Global India Services PMI is compiled by S&amp;P Global from responses to questionnaires sent to a panel of around 400 service sector companies. The panel is stratified by detailed sector and company workforce size, based on contributions to GDP. Data collection began in December 2005.

The manufacturers scaled up production, amid growing new orders and favourable market conditions and the employment has also increased due to the surge in sales

India's manufacturing PMI grows to 31-month high; rises to 58.7 in May

Manufacturers scaled up production, amid growing new orders and favourable market conditions and the employment has also increased due to the surge in sales

India's manufacturing PMI has expanded to 58.7 in May from 57.2 in April. This comes as the 23rd month of manufacturing PMI remaining above 50 and is at a 31 month high.
A PMI reading of above 50 indicates expansion in manufacturing and below represents contraction. "India's manufacturing PMI showcased encouraging developments in May, painting a notably positive picture for the sector. Demand conditions demonstrated remarkable strength, with factory orders rising at the fastest pace since January 2021,&rdquo; S&amp;P Global said in a statement.
The report also added that amid growing new orders and the favourable market conditions, the manufacturers scaled up production. The surge in sales also lead to increase in employment opportunities.
&nbsp;
&nbsp;

The overall S&P Global India Composite PMI Index reached 61.6, its highest level since July 2010, this is due to continued robust activity in both manufacturing and services

India's services sector growth climbs to near 13-year high in April: PMI

The overall S&amp;P Global India Composite PMI Index reached 61.6, its highest level since July 2010, this is due to continued robust activity in both manufacturing and services
&nbsp;

India's services sector growth accelerated in April, as strong demand conditions resulted in the fastest increase in new business and output in close to 13 years, a monthly survey said on Wednesday.
The pick-up in demand occurred in spite of escalating price pressures.
The seasonally adjusted S&amp;P Global India Services PMI Business Activity Index rose from 57.8 in March to 62.0 in April, signalling the fastest expansion in output since mid 2010, amid a pick-up in new business growth and favourable market conditions.
For the 21st straight month, the headline figure was above the neutral 50 threshold. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction.
'India's service sector posted a remarkable performance in April, with demand strength backing the strongest increases in new business and output in just under 13 years. Finance &amp; Insurance was the brightest spot, topping the sectoral growth rankings for both measures,' said Pollyanna De Lima, Economics Associate Director at S&amp;P Global Market Intelligence.
Monitored companies signalled an improvement in international demand for Indian services in April. New export business expanded for the third month in succession and at the fastest pace over this period.
On the prices front, input costs rose at the quickest pace in three months during April.
According to survey members, food, fuel, medicine, transportation and wages were the main sources of inflation. Consumer services recorded the fastest upturn in average expenses.
&nbsp;The combination of rising input costs and demand resilience urged services companies to lift their selling prices in April. The rate of charge inflation was marked and the strongest in 2023 so far.
Despite the substantial upturn in sales, job creation across the private sector remained mild. Rates of expansion were broadly similar at manufacturing firms and their services counterparts.
At the composite level, input costs rose at the fastest pace since January and charge inflation reached a four-month high

India's services PMI eased from 59.4 in February to 57.8 in march. It continues to expand for the 20th straight month

India's services sector continues to expand in March, but PMI lower than Feb

India's services PMI eased from 59.4 in February to 57.8 in march. It continues to expand for the 20th straight month

India's services sector growth moderated in March after hitting a 12-year high in February, as new business orders increased at a softer rate, a monthly survey said on Wednesday.
The seasonally adjusted S&amp;P Global India Services PMI Business Activity Index eased from 59.4 in February to 57.8 in March, indicating a slower rate of expansion.
For the 20th straight month, the headline figure was above the neutral 50 threshold. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction.
"India's service sector built on to the momentum gained in February with further increases in new business intakes and output at the end of the 2022/23 fiscal quarter. However, manufacturing has retaken the mantle as the main driver of growth," said Pollyanna De Lima, Economics Associate Director at S&amp;P Global Market Intelligence.
Similar to output, new business inflows increased at a softer but still sharp rate in March.
On the jobs front, the survey panellists commonly cited adequate capacities for current requirements, a factor that curbed job creation.
"Despite rising for the 10th month in a row, services employment grew only factionally in March. Close to 98% of survey participants left payroll numbers unchanged amid sufficient staff levels for current requirements," the survey said.
Going ahead, the overall level of positive sentiment fell to an eight-month low as several firms foresee no change in activity from present levels.
Meanwhile, the S&amp;P Global India Composite PMI Output Index -- which measures combined services and manufacturing output -- fell from 59.0 in February to 58.4 in March.
Private sector sales rose for the 12th consecutive month in March, amid sustained increases at goods producers and service providers. "The overall pace of expansion was sharp, despite easing from February," the survey said.
On the prices front, a sizeable proportion of services firms hiked their selling prices to hedge against rising costs, emboldened by favourable demand conditions.
"The rate of charge inflation was moderate but quickened since February, a trend that was matched by manufacturing," Lima said.
The RBI's rate-setting panel on Monday started its three-day meeting amid expectations that the central bank may go for a 25 basis point hike in benchmark interest rate, probably the last in the current monetary tightening cycle that began in May 2022.
Reserve Bank Governor Shaktikanta Das-headed Monetary Policy Committee during its three-day meeting (April 3, 5 and 6) will take into account various domestic and global factors before coming out with the first bi-monthly monetary policy for fiscal 2023-24.
The S&amp;P Global India Services PMI is compiled by S&amp;P Global from responses to questionnaires sent to a panel of around 400 service sector companies. The panel is stratified by detailed sector and company workforce size, based on contributions to GDP. Data collection began in December 2005.
Similarly, India's manufacturing PMI expanded from 55.3 in Feb to 56.4 in March. This comes as the 21st month of manufacturing PMI remaining above 50.&nbsp;

Tepid Thursday was the headline for the markets as the Nifty drifted below the 15700 mark to end the day near the lowest point. Here are the headlines traders were tracking-:

Auto stocks took the lead with as sales numbers impressed D-Street and Bajaj&nbsp;Auto signalled a price hike coming up. Read Also: June Auto Sales
Pharma stocks continued to be a traders favorite in the frontline and midcap&nbsp;zone. DRL&nbsp;&amp; Sun Pharma&nbsp;top movers.&nbsp;
Tech stocks led the decline even as Dollar Index moved to the highest level since April&nbsp;
Buzzing Midcap: Info Edge rallied as peer PolicyBazaar&nbsp;was rumoured to be gearing for an IPO and Zomato&nbsp;got CCI nod for investment in Grofers.&nbsp;
Economic data was not encouraging; India's manufacturing PMI contracted for the first time in 11 months.&nbsp;


Markets Wrap: Strong auto sales to weak PMI data all the headlines traders tracked

Market Wrap: Strong auto sales to weak PMI data all the headlines traders tracked.&nbsp;

Market Wrap

Tepid Thursday was the headline for the markets as the Nifty drifted below the 15700 mark to end the day near the lowest point. Here are the headlines traders were tracking-:
<ul>
<li>Auto stocks took the lead with as sales numbers impressed D-Street and Bajaj&nbsp;Auto signalled a price hike coming up. Read Also: June Auto Sales</li>
<li>Pharma stocks continued to be a traders favorite in the frontline and midcap&nbsp;zone. DRL&nbsp;&amp; Sun Pharma&nbsp;top movers.&nbsp;</li>
<li>Tech stocks led the decline even as Dollar Index moved to the highest level since April&nbsp;</li>
<li>Buzzing Midcap: Info Edge rallied as peer PolicyBazaar&nbsp;was rumoured to be gearing for an IPO and Zomato&nbsp;got CCI nod for investment in Grofers.&nbsp;</li>
<li>Economic data was not encouraging; India's manufacturing PMI contracted for the first time in 11 months.&nbsp;</li>
</ul>

Mixed signals in June as&nbsp;PMI contracts for the first time in 11 month while auto sales zoom.&nbsp;

pmi

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