The S&P Global Flash manufacturing and services PMIs for October rebounded after slipping in September.
The S&P Global Flash manufacturing and services PMIs for October rebounded after slipping in September. The manufacturing PMI rose to 57.4 from an eight-month low of 56.5 in September, while the services PMI edged up to 57.9 from 57.7 in September. The PMIs give a relatively narrow picture of the overall economy, but they still carry some value, Commerzbank’s FX analyst Charlie Lay notes.
This is translating to positive employment growth, which should in turn help support domestic consumption.” “In terms of implications for monetary policy, it will reinforce the Reserve Bank of India’s cautious and judicious approach to policy easing. RBI recently shifted to a neutral tone, but there are no signs of an imminent easing. The recent uptick in inflation for September, back above RBI’s mid-point target of 4%, will cement their view to stay prudent.
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