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India's Manufacturing PMI Hits Five-Year Low at 52.8 in August

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India's manufacturing sector recorded its slowest growth in five years during August, with the Purchasing Managers' Index (PMI) falling to 52.8. Both production output and new orders declined during the month, pushing activity to its weakest level since August 2021. The slowdown also triggered a contraction in factory employment for the first time in two and a half years. Overseas demand weakened overall, despite a marginal uptick in purchasing activity. Business confidence improved slightly but stayed below long-term historical averages.

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