PMI Data: Business Activity Hits 13-Month High, Stays Robust
The HSBC Flash India Composite PMI Output Index soared to a 13-month high of 61.2, against 59.7 in the previous month.
PMI Data: Business Activity Hits 13-Month High, Stays Robust
India’s business activity remained resilient in May even amid Trump’s tariff concerns and cross-border tensions with Pakistan. The HSBC Flash India Composite PMI Output Index soared to a 13-month high of 61.2, against 59.7 in the previous month. This was marked by a 14-month rise in services and 11-month rise in manufacturing PMI.
“India’s flash PMI indicate another month of strong economic performance. Growth in production and new orders among manufacturing firms remains robust, despite a marginal cooling from the rates of increase observed in April,” said Pranjul Bhandari, chief India economist, HSBC.
Similarly, data furnished by various agencies and compiled by S&P Global cast a negative outlook on developed nations spread across Asia and Europe.
Japan’s composite output index fell to 49.8 this month against 51.2 in the previous month. Business activity in Australia fell to three-month low at 50.6 compared with 51 in the previous month, while Europe’s output plunged to a six-month low of 49.5.
A PMI value of 50 separates contraction from expansion. A value below 50 indicates contraction in output.
The United Kingdom remains the only country in the list to witness an uptick in business activity. However, the PMI remained in contraction territory, at 49.4 in May.
