Manufacturing bounces back in Oct.
With a pick-up in festival demand, the manufacturing sector put up an improved performance in October 2024. The results of a survey, better known as the Purchasing Managers’ Index (PMI), rose to 57.5 in October, as against an eight-month low of 56.5 in September. This indicates a substantial and accelerated improvement in operating conditions, a report accompanying the survey result, prepared by S&P Global, said.
The index is based on responses from purchasing managers of 400 companies. An index above 50 shows expansion, while that below 50 means contraction. The report highlighted that not only did manufacturers hire extra staff at the start of the third fiscal quarter, but also to a greater degree than in September. Increased appetite for safety stocks, supported by shorter lead times, was reflected in another substantial rise in pre-production inventories, as per a report.
Source: Exim News Service: New Delhi, Nov. 5