India's manufacturing purchasing managers' index (PMI) compiled by S&P Global fell to 52.8 in August, down from 53.5 in July, indicating that growth slowed to a five-year low. New order growth was the weakest since August 2021, and employment turned to contraction for the first time in 30 months. Production continued to expand, but at the slowest pace in the past five years. Meanwhile, easing cost pressures brought input price inflation to a six-month low, and output price inflation also slowed to the weakest in 45 months. Business sentiment improved slightly, rising to a five-month high, but remained below historical levels.
