The Nikkei India manufacturing purchasing managers' index strengthened from 52.2 in September to 53.1 in October as new orders and production increased at the quickest rate in four months. A reading of 50 separates expansion from contraction.
Markit reported that foreign demand decreased for the second time in the past three months, with some companies reporting that Brexit uncertainties had negatively impacted inflows of new work from within the EU.
Among the five subindexes that make up the Caixin PMI, the one for output dropped to its lowest level in 28 months in October, moving closer to the dividing line of 50 despite staying in positive territory.
Amid reports of higher prices for chemicals, energy and metals, average cost burdens increased further.
Even with a mild sequential decline, manufacturing output in October remained strong, according to the monthly Manufacturing Report on Business, which was released by the Institute for Supply Management (ISM) today.
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Rapid expansion was seen in industries including postal service, Internet software and telecommunications, where the readings were all above 59, the NBS said. And economic growth has direct bearing on the rate of inflation and it is consumer price pressures that dicate where interest rates, which are the raison d'être for most moves in exchange rates, will go next.
The manufacturing supplier delivery time index grew faster to 56.4 points, while the sector's inventories index also grew for the nineteenth consecutive month to 56.2 points, the index grew at a faster rate when compared to its level in the previous month. "Third- and fourth-tier cities will continue to see faster consumption growth than metropolises".
However, new business from overseas increased at the sharpest pace in nine months. According to the statement, the leaders made a decision to continue with the country's "proactive fiscal policy and prudent monetary policy" while again underscoring the need to "stabilise" employment, finance, trade, foreign capital, investment and expectations.
"The survey responses were gathered before this week's budget, which provided a welcome boost for manufacturers". October also marks the first month new orders have dropped below 60 since April 2017's 57.1 reading. This has slowed the Chinese economy and hurt manufacturers in the industrialised world. The region accounts for around 60 percent of global growth. Production and business confidence continued to cool despite stable demand.
Markets care about the data because it is an important indicator of momentum within the economy.