Statsguru: Key indicators point to grim economic outlook amid lockdown

PMI's services did contract, with trade, hospitality coming to a grinding halt, though the pace of fall in the index was not as steep as that of the core sector

March saw just 10 days of the lockdown due to Covid-19, and lead indicators point at the weakening economic activity.

The crucial eight-industry core sector output fell the sharpest in the new series in the month (chart 1). This is likely to have a dampening impact on the index of industrial output (IIP), which will be released on May 12. The purchasing managers' index (PMI) for manufacturing did not contract but was the lowest in four months (chart 2). The figure to be released on Monday will tell the grimmer story ahead as many vehicle manufacturers, including Maruti Suzuki India