India's factory slump deepens in May, headcount slides: PMI


India's factory activity contracted sharply in May following a historic decline in April as a government-imposed lockdown to control the coronavirus hammered demand, a survey showed, leading firms to cut jobs at the fastest pace on record. Asia's third-largest economy will contract this quarter for the first time since the mid-1990s, a may Reuters poll found, having expanded 3.

1 per cent last quarter, its weakest annual pace in at least eight years. The Nikkei Manufacturing Purchasing Managers' Index, compiled by IHS.

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