HSBC PMI

Manufacturing activity remained sluggish in June on the back of slowing orders but a pick-up in export business held out hopes of a revival in the key sector.
The HSBC Purchasing Managers’ Index (PMI) recorded above the no-change threshold for the fifty first consecutive month in June. At 50.3, up slightly from 50.1 in May, the latest index reading showed a marginal expansion.
The PMI survey showed that total new orders fell for the first time since March 2009 during June, although marginally. Fragile economic conditions in the country resulted in lower demand while there were reports of increased competition for new work.
Separate data released on Monday showed the eight core industries, which have a combined weight of 37.90% in the index of industrial production, slowed to 2.3% in May compared to 7.2% expansion in the year-ago period.
But there was some good news on the manufacturing front. Export business rose at the sharpest rate since January as demand from key foreign clients strengthened, the survey showed.
Orders from abroad expanded at consumer and intermediate goods producers, but the investment goods sector posted a decline.
Core sector remains sluggish in May; Coal, crude oil, natural gas and fertiliser sectors decline