India’s October Economic Activity Boosted by Festival Demand
- New orders rose to a two-month high, supporting stronger PMIs
- Government warns of risks to trade from slowing global demand
Shoppers at a market ahead of the festival of Diwali in New Delhi, earlier in October.
Photographer: Anindito Mukherjee/BloombergThis article is for subscribers only.
India’s seasonal festival demand helped spur business and consumption activity in October, even as the impact of a slowing global economy started to materialize.
Four of the eight high-frequency indicators tracked by Bloomberg News showed activity picking up pace from September to October, while one was unchanged and three came in weaker. That kept the needle on a dial measuring so-called animal spirits steady at 5. The gauge uses the three-month weighted average to smooth out volatility in single-month readings.