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HSBC PMI Hits Two-Year Low, Signals Slowing Growth

1/2/2026

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Summary

Story summary

HSBC India Manufacturing Purchasing Managers’ Index (PMI) fell to 55.0 in December 2025, a two-year low, from 56.6 in November.
The decline signals slower growth in new orders, production, and employment.
New work orders increased at the slowest pace since December 2023.
Output was at its lowest since October 2022.
Employment growth slowed to its weakest pace in 22 months, reducing sentiment to its lowest in nearly three-and-a-half years.

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Story summary

HSBC India Manufacturing Purchasing Managers’ Index (PMI) fell to 55.0 in December 2025, a two-year low, from 56.6 in November.
The decline signals slower growth in new orders, production, and employment.
New work orders increased at the slowest pace since December 2023.
Output was at its lowest since October 2022.
Employment growth slowed to its weakest pace in 22 months, reducing sentiment to its lowest in nearly three-and-a-half years.