India Manufacturing PMI Surges In October

India's manufacturing activity growth hits eight-month high. Data released by the IHS Markit showed Purchasing Managers' Index (PMI) edged up to 55.9 in October expanding for the fourth consecutive month even as it stayed below the February reading of 57.5. A reading above 50 indicates expansion in economic activity and a number below that signals contraction. The second devastating wave of coronavirus pandemic had hit the country in March, affecting manufacturing activity. Rising from 53.7 in September, the latest data print is indicative of strongest improvement in overall operating conditions since February. New export work rose at a solid pace that was the quickest in three months.

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