India’s PMI Highest in Five Months

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Dec. 4 – India’s Purchasing Managers Index (PMI) hit 53.7 in November, its highest level in five months, as factories reported a slew of new orders. The benchmark is used to ascertain consumer confidence – with figures above 50 representing growth, and below 50 indicating contraction.

The November figure was higher than October’s already robust level of 52.9. The PMI is compiled by HSBC in India based on data provided by over 500 manufacturers. Although India’s GDP growth levels remained relatively low at 5.3 percent for the quarter July-September, this is now expected to pick up in the evidence of increasing consumer demand.

China also released better than expected PMI figures earlier this month, suggesting Asia economies are on the way back following slow-downs in both domestic and Western consumption.

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