Coronavirus impact: Feb manufacturing PMI slips marginally to 54.5

Coronavirus scare keeps companies spooked and business optimism low

The manufacturing sector maintained strong growth momentum for a second straight month in February, even as the outlook remained bleak because of the coronavirus outbreak, said a monthly survey released on Monday.

The Nikkei India Manufacturing Purchasing Managers’ Index (PMI) stood at 54.5 in February, slightly lower than the eight-year high of 55.3 in January. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.

The beleaguered sector has continued to strengthen ever since PMI fell to a two-year low of 50.6 in October. However, official data shows that contraction remained entrenched in the manufacturing sector