India manufacturing PMI 54.2 marks 2nd slowest in 4 years
Business
India's manufacturing sector just hit its second-slowest growth in four years this June, with the PMI dropping to 54.2 from May's 55.0.
That means demand for goods is cooling off, though the industry is still technically growing since it's above the 50 mark.
Indian manufacturers' orders and exports decline
New orders and export sales both took a hit; export sales especially, thanks to less demand from Europe.
Most manufacturers played it safe and kept their prices steady, while input costs like chemicals and metals stayed high but inflation eased a bit.
Hiring also slowed down, with nearly all companies keeping their teams as is and business confidence dipping due to uncertainty about future demand.