India: The lowest PMI ever – ANZ

In single digits, India’s services and composite PMI surveys were the lowest ever, economists at ANZ Bank recap the data. USD/INR is sitting at 75.7650.

 Key quotes

“The services PMI index came in at 5.4 in April, the lowest on record, possibly even globally. The Manufacturing PMI survey fared better at 27.4, adding to a marginally improved composite PMI number of 7.2.”

“Unemployment shot up to 23.5% in April, with the numbers equally bad for rural and urban areas. A strong fiscal stimulus is a need of the hour.”