India’s PMI slips to 52.8 as factory growth loses steam, hits five-year low

 In August, India’s manufacturing sector experienced its most significant slowdown in five years, with production and new orders seeing a decline. This downturn marked the lowest activity level since August 2021, causing a contraction in employment for the first time in two and a half years. Although there was a slight increase in purchasing activity, overall overseas demand weakened, and while business confidence grew, it remained below historical averages. In August, India’s manufacturing sector experienced its most significant slowdown in five years, with production and new orders seeing a decline. This downturn marked the lowest activity level since August 2021, causing a contraction in employment for the first time in two and a half years. Although there was a slight increase in purchasing activity, overall overseas demand weakened, and while business confidence grew, it remained below historical averages.