FXStreet (Mumbai) – The seasonally adjusted Markit/CIPS Purchasing Manager’s Index (PMI) ticked higher to 52.0 in May, up from an upwardly revised reading of 51.8 in April. The PMI has remained in the expansive territory (above 50.00) for the 27th consecutive month.
The rate of growth in new orders picked up slightly from April’s seven-month low on the back of solid domestic demand, rising client confidence and recent new product launches. The level of new export business holding stable in May following a modest decrease during the prior month.
Manufacturing employment rose for the twenty-fifth consecutive month in May. The rate of input price deflation slowed sharply over the month, while selling prices rose for the first time in five months during May, mainly due to solid increases at both consumer and investment goods producers.
(Market News Provided by FXstreet)