Some high-speed data from post-demonetisation has started coming in. The December manufacturing Purchasing Managers' Index (PMI) indicates contraction. Automobile numbers show drastic falls. Crop sowing data and core industry data (from November) also shows slowdown.
The November manufacturing PMI was at 52.3 (above /below 50 signals expansion/ contraction), which was much lower than the October PMI of 55.4 but still positive. The December PMI is at 49.6, which means contraction. It's the worst decline in manufacturing since November 2008.
The Services PMI crashed to 46.7 in November 2016 itself, in a sharp contraction from the expansionist 54.5 recorded in
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