The HSBC Markit Purchasing Managers’ Index (PMI) is at 50.3 and stagnant from last month’s 50.1. Remember, the numbers above 50 indicate expansion (higher numbers mean a higher rate) and below 50 are contraction.
What the big chief has said:
Manufacturing activity was broadly flat in June. Output continued to contract due to power shortages, albeit less so than last month. Moreover, new orders contracted led by weaker domestic demand. At the same time, employment firmed and stocks of finished rose. Despite the moderate pace of growth, output prices picked up slightly and input prices rose more notably, partly in response to the depreciation of Rupee.
So there’s both slowdown and inflation at the same time? Interesting.
