Production improved in February, but cumulative 2M 2023 data was soft. While the overall index of industrial production (IIP) improved 3.6% YoY in February from a 14.9% YoY drop in January, 2M 2023 overall IIP declined 6.3% YoY with the manufacturing sector falling 6.9% YoY. However, February’s PMI report shows that new orders increased for the first time in four months and had the highest rate of expansion since August 2022, signaling that production activities could accelerate in the coming months.

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