The Manufacturing Purchasing Managers’ Index (PMI) spiked to 59.2 in October from 57.7 in September, indicating expansion in the manufacturing activity.

According to data compiled by S&P Global, the upturn was supported by strong domestic demand, goods and services tax (GST) relief measures, productivity gains, and higher technology investments.

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The report also highlighted that the manufacturers increased their purchases of raw materials and semi-finished goods in October to support higher production and build inventories.

Purchasing activity rose at the fastest pace since May 2023, while holdings of raw materials and semi-finished goods expanded at the second-fastest rate since March 2005, behind only May 2023.

Job creation in the manufacturing sector continued for the

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