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India Manufacturing Growth Slows In March

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India’s manufacturing growth eased to the joint-weakest rate since September last year, led by slower expansion in factory orders and production as well as decline in new export orders, survey results from S&P Global showed on Monday.

The manufacturing Purchasing Managers’ Index fell to 54.0 in March from 54.9 in February. A score above 50.0 indicates expansion.

New orders increased further in March, but the rate of expansion easing to the lowest in six months. Production volume rose for the ninth month in a row.

Input prices increased in March and the overall rate of inflation quickened and outpaced its long-run average, though it was the second-slowest in past six months. The rate of charged inflation rose to the highest in five months.

The overall sentiment weakened to the lowest level in two years in March.

Job shedding was seen for the third consecutive month and outstanding business increased in March.

Manufacturers purchased additional goods in March, while holding of finished goods declined.

Suppliers’ delivery time lengthened in March.

New export orders dropped in March after a sequence of eight-month growth.

“For now, demand has been sufficiently strong to withstand price hikes, but should inflation continue to gather pace we may see a more significant slowdown, if not an outright contraction in sales,” Pollyanna De Lima, economics associate director at
S&P Global, said.

*Latvia February Industrial Production Down 0.6% Y/Y, 2.5% M/M

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