India’s July Activity Slows to 54.3, Lowest Since March 2022 as Middle East Tensions Bite

3 articles · Updated · Bloomberg · Jul 23

India’s composite PMI fell to 54.3 in July from 57.1 in June, marking the weakest pace of economic activity in more than four years, according to HSBC’s flash survey.
HSBC linked the slowdown to renewed Middle East tensions, which weighed on demand and intensified inflationary pressures across the economy.
Services drove much of the pullback, with the PMI dropping to 53.1 from 57.4, while manufacturing eased to 53.9 from 54.2.
The July reading extends signs of softer momentum after services output and new orders had already slowed sharply and cost pressures rose on fuel, labor, materials and transport.

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