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Charts & Analysis

India's September PMI Shows Expansion at 55.0

The HSBC Market Purchasing Manager’s Index for September is at 55.0, a marginal increase over August’s 54.3. This is a composite indicator consisting of a manufacturing indicator (which is at 52.8) and a services indicator that’s at 55.8. Numbers above 50 show expansion, and below 50, contraction.

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There are two immediate problems with this data, just as you consider that it is not impressive enough to show a huge recovery.

1. The services index is based on a single question. I’m like very fond of indexes but based on a single question?

2. I have no idea what a Purchasing Manager is.

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