India’s Manufacturing Purchasing Managers Index (PMI) came in below 50 for August 2013, the first sub-50 level (indicating contraction) since 2009. The number came in at 48.5.
Remember that in July the Services PMI had contracted. The Services PMI for August will be released on Tuesday.
The PMI has, in general, tracked the manufacturing sector a bit better than IIP. Even this one turns ominous now.
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