Manufacturing activity rose to a ten-month high in November
MUMBAI: The survey report on manufacturing activity for the month of November, the second day after the release of Gross Domestic Product (GDP) data for the September quarter of the current financial year, has also been encouraging. The manufacturing sector's IHS Market Purchasing Managers' Index (PMI), which stood at 6.50 in October, rose to 6.30 in November. This is the highest PMI since January this year, the survey report said. Thus, the November PMI has been at a ten-month high. A PMI above 50 is considered an extension of that area. Large companies began hiring in November after cutting jobs for three consecutive months. However, the pace of job creation is still slow. The picture for the manufacturing sector in November is rosy, but given the spread of omicron and inflationary conditions, the situation could worsen going forward. November has seen a second surge in employment in the last twenty months. Overall production costs have gone up due to the gap between su...