India Manufacturing PMI Spikes, Sales Accelerate

India's manufacturing Purchasing Managers Index or PMI rose at the fastest pace in 10 months in November. Manufacturing PMI increased at 57.6, which is a jump from 55.9 in October. The manufacturing sector continued its strong expansion in November as sales accelerated and production saw the fastest upturn in nine months, IHS Markit India said. Input buying was scaled up by companies which led to the second-quickest accumulation in stocks of purchases since data collection started nearly 17 years ago, it said. Domestic hiring activity also saw an improvement, after three successive months of downturn. Manufacturers stated that strengthening demand, improving market conditions and successful marketing boosted sales in November. Factory orders rose for the fifth successive month and at a sharp pace that was the fastest since February.

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