India's manufacturing output slows again in April: PMI

Manufacturing activity in India slowed for a second straight month, retreating from a 20-month high hit in February, as expansion in output and new order flows eased, according to the outcome of a survey released. The HSBC Markit Purchasing Managers' Index (PMI), based on a survey of 500 companies, fell to 57.2 in April from 57.8 in March. It has been above 50 level for 13 months. A reading above 50 shows an expansion. Still, the underlying trends continued to improve, as demand for Indian manufactured goods was supported by better global economic conditions, successful promotional activities and good business reputations, HSBC said in a statement. Output and new orders indexes remained above 60 and employment showed modest growth in April after stagnating the month before. The output price index rose for a second month in a row to 55.8 from 54.6. It has risen nearly four points since February. The backlogs of work index jumped to an all-time high thanks to new orders, delays in delivery times and power cuts. Output prices registered their strongest increase for three months as backlogs jumped to an all time high.