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Opinion

March PMIs Still Show Strong Expansion

The HSBC Markit Purchase Managers Index (PMI) is still going strong in March. The Composite Output PMI is at 60 (anything above 50 is an expansion), a tad lower than Feb’s 61 but high all the same.

India March 2011 PMI Composite

The March Manufacturing PMI was flat at 57.9. Flat above 50 is still expanding, and at nearly 58, we’re doing well.

India March Manufacting PMI

This data is useful only at extremes – too high or too low or confirming a trend. But it’s a good indicator this time of where things aren’t going too badly. We just hope the Purchase Managers aren’t lying through their teeth!