Jan manufacturing PMI falls to three-month low as production, exports slow

Companies increase input inventories by purchasing additional materials, but hiring remains unchanged broadly

India’s purchasing managers’ index (PMI) for manufacturing fell to a three-month low in January from a two-year high in December, as production slowed and total sales and output did too, said a private survey on Wednesday.

PMI, compiled by S&P Global, fell to 55.4 last month from 57.8 in December. A survey print above 50 by the global rating agency indicates expansion in manufacturing and below that represents contraction.

The survey reflected only a slight rise in new export orders. Companies added to their input inventories by purchasing additional materials, but hiring were broadly unchanged amid sufficient staff numbers to