{"id":26487,"date":"2020-06-01T15:36:00","date_gmt":"2020-06-01T10:06:00","guid":{"rendered":"https:\/\/kashmir.today\/?p=26487"},"modified":"2020-06-01T15:36:00","modified_gmt":"2020-06-01T10:06:00","slug":"indian-manufacturing-output-falls-further-in-may-rate-of-job-cuts-accelerates-pmi","status":"publish","type":"post","link":"https:\/\/kashmir.watch\/?p=26487","title":{"rendered":"Indian manufacturing output falls further in May, rate of job cuts accelerates: PMI"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong><em>The IHS Markit India Manufacturing Purchasing Managers\u2019 Index stood at 30.8 in May, up from 27.4 in April, pointing to another substantial decline in the health of the country\u2019s manufacturing sector. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.thehindu.com\/business\/Industry\/indian-manufacturing-output-falls-further-in-may-rate-of-job-cuts-accelerates-pmi\/article31720562.ece\">PTI<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The country\u2019s manufacturing sector activity recorded another sharp deterioration in business conditions during May as new orders placed with producers continued to fall after April\u2019s record contraction, leading firms to cut jobs at the quickest pace on record, a monthly survey said on June 1.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The IHS Markit India Manufacturing Purchasing Managers\u2019 Index (PMI) stood at 30.8 in May, up from 27.4 in April, pointing to another substantial decline in the health of the country\u2019s manufacturing sector, albeit one that was slightly softer than that recorded in April.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In April, the index had slipped into contraction mode, after remaining in the growth territory for 32 consecutive months. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe latest PMI data suggested that Indian manufacturing output fell further in May. This result is particularly poignant given the record contraction in April which was driven by widespread business closures,\u201d said Eliot Kerr, economist at IHS Markit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As per the survey, weaker demand drove output lower following April\u2019s record decline. Consequently, firms cut staff numbers at the quickest pace since data collection began over 15 years ago.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe further reduction in May highlights the challenges that businesses might face in the recovery from this crisis, with demand remaining subdued while the longevity of the pandemic remains uncertain,\u201d Mr. Kerr noted.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Weak demand from international markets added to the deteriorating sales trend, with new business from abroad declining further in May.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cAnecdotal evidence suggested that global measures to stem the spread of COVID-19 continued to stifle exports,\u201d the survey noted.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Going ahead, Indian manufacturers remained optimistic towards the one-year business outlook in May.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Confidence was supported by expectations for a return to growth once all coronavirus-related restrictions are lifted, the survey said, adding, that \u201cthe degree of positivity eased slightly from April and remained historically subdued\u201d.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Meanwhile, India\u2019s GDP growth tumbled to 3.1% in the March quarter \u2014 the slowest pace since the global financial crisis more than a decade ago. In 2019-20, the Indian economy grew by 4.2%, the slowest in 11 years.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The IHS Markit India Manufacturing Purchasing Managers\u2019 Index stood at 30.8 in May, up from 27.4 in April, pointing to another substantial decline in the health of the country\u2019s manufacturing sector. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction. PTI The country\u2019s manufacturing sector activity recorded another [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":23396,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-26487","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/wp\/v2\/posts\/26487","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kashmir.watch\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26487"}],"version-history":[{"count":0,"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/wp\/v2\/posts\/26487\/revisions"}],"wp:attachment":[{"href":"https:\/\/kashmir.watch\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26487"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kashmir.watch\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26487"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kashmir.watch\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26487"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}