June manufacturing activity contracts after 11 months, PMI below 50

The IHS Markit India manufacturing purchasing managers’ index (PMI) dropped to 48.1 in June from 50.8 in May. A reading above 50 indicates expansion while below 50 denotes a contraction in economic activity. The PMI averaged 51.5 in the opening quarter of FY22, the lowest three-month figure since the same period one year ago, according to the survey.

from Economy-News-Economic Times https://ift.tt/3x9RouZ