PMI manufacturing rebounds in August after GST jitters

Job creation at fastest pace since March 2013

A day after gross domestic product (GDP) data showed a three-year plunge in economic growth at 5.7 per cent in the first quarter of the current financial year, Purchasing Managers’ Index (PMI) data for manufacturing released on Friday gave a ray of hope. 

Manufacturing activities bounced back to the growth path in August after the goods and services tax (GST) nervousness pulled it down to contraction in July.  

PMI for manufacturing rose to 51.2 points in August from 47.9  points in July. A PMI below 50 shows contraction while above this level denotes expansion. Manufacturing was one of the