June manufacturing activity shrinks for third month in a row; PMI at 47.2

Job losses continue as domestic demand struggles and export orders remain absent

India’s manufacturing activity again contracted in June as regional lockdown extensions severely held back demand and labour logistic challenges remained, said the monthly IHS Markit India Manufacturing Purchasing Managers’s Index (PMI) survey on Wednesday.
 

Manufacturing PMI stood at 47.2 in June after May's 30.8 and April's historic low of 27.4. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.
 

"India's manufacturing sector moved towards stabilisation in June, with both output and new orders contracting at much softer rates than seen in April and May. However, the recent spike in new coronavirus cases and