India's manufacturing PMI slips to 2-year low in October

Mumbai, Nov 1 (IANS) The cooling of manufacturing growth in India continued last month as the headline seasonally adjusted IHS Markit India Manufacturing PMI fell from 51.4 in September to a two-year low of 50.6 in October, research firm IHS Markit said on Friday.Both factory orders and production rose at the weakest rate for two years. Besides, job creation softened to a six-month low, an IHS Markit statement said.Challenging market conditions coupled with delayed client payment, dampened business confidence in October. The research firm, however, noted that the lower demand for raw materials and semi-finished items led to a fall in overall cost burdens, the first in over four years.IHS Markit said that companies were reluctant to hold excess stock and lowered input buying as business confidence slipped to its lowest level in over two-and-a-half years."In another sign of subdued growth conditions, input costs declined for the first time in over four years," IHS Markit said.However, "growth was restored in capital goods and softened in the consumer goods category", it added.
--IANS ravi/bc