India's private sector growth slows in September: PMI
India's private sector kept growing in September, but the pace slowed down compared to August.
The latest HSBC PMI numbers show growth is still healthy—well above the "50" mark—but both manufacturing and services lost some momentum.
New orders are still coming in, just not as fast, thanks to tougher competition and weaker export demand.
Job creation takes a breather
Manufacturing activity dipped (PMI at 58.5) and services followed suit (PMI at 61.6), with job creation also taking a breather as companies got cautious.
On the bright side, input costs didn't rise as quickly overall, though manufacturers had to hike prices more sharply—blame it on pricier cotton and steel.
Still, business confidence actually hit a seven-month high, with many hoping recent GST cuts will give demand a boost during the festive season.