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Charts & Analysis

June PMI Strong at 55+


The HSBC Markit Purchasing Managers Index (PMI) has shown continued expansion in June, with the manufacturing PMI at 55, and the composite index (consisting of both manufacturing and services) going up to 55.7 from 55.3. For the PMIs, a print below 50 means contraction and above 50 is expansion.


But the comments are interesting:

“While service sector activity grew at a slightly slower pace, new orders grew faster and this should hold up activity in coming months. Moreover, employment picked up, which helped reduce the backlogs of work, and businesses remained relatively optimistic about the outlook for the coming 12 months, although sentiments eased a bit from the previous month. However, the inflation readings for input and output prices were broadly unchanged from May and remain high by historical standards. Together with manufacturing PMI, these numbers suggest that it is hard to build a strong case for policy rate cuts in the near term.”

This month, there is an RBI meet that is largely expected to drop rates. Will they?


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