{"id":19122,"date":"2026-10-23T03:07:12","date_gmt":"2026-10-23T09:37:12","guid":{"rendered":"https:\/\/shoonya.com\/blog\/?p=19122"},"modified":"2026-10-23T03:07:13","modified_gmt":"2026-10-23T09:37:13","slug":"what-40-indicators-reveal-about-indias-economy-in-september","status":"publish","type":"post","link":"https:\/\/shoonya.com\/blog\/what-40-indicators-reveal-about-indias-economy-in-september\/","title":{"rendered":"What 40 Indicators Reveal About India\u2019s Economy in September"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_88 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\"><\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/shoonya.com\/blog\/what-40-indicators-reveal-about-indias-economy-in-september\/#How_Did_Vehicle_Sales_Perform_in_September\" >How Did Vehicle Sales Perform in September?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/shoonya.com\/blog\/what-40-indicators-reveal-about-indias-economy-in-september\/#Which_Industry_and_Financial_Indicators_Improved\" >Which Industry and Financial Indicators Improved?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/shoonya.com\/blog\/what-40-indicators-reveal-about-indias-economy-in-september\/#What_Do_Labour_Market_Indicators_Show\" >What Do Labour Market Indicators Show?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/shoonya.com\/blog\/what-40-indicators-reveal-about-indias-economy-in-september\/#Why_Is_Inflation_a_Concern\" >Why Is Inflation a Concern?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/shoonya.com\/blog\/what-40-indicators-reveal-about-indias-economy-in-september\/#How_Is_the_Eco_Pulse_Index_Built\" >How Is the Eco Pulse Index Built?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/shoonya.com\/blog\/what-40-indicators-reveal-about-indias-economy-in-september\/#Final_Outlook\" >Final Outlook<\/a><\/li><\/ul><\/nav><\/div>\n<nav style=\"--separator: &quot;\/&quot;\" class=\"wp-block-breadcrumbs\" aria-label=\"Breadcrumbs\"><ol><li><a href=\"https:\/\/shoonya.com\/blog\/\">Home<\/a><\/li><li><a href=\"https:\/\/shoonya.com\/blog\/latest-news\/\">News<\/a><\/li><li><span aria-current=\"page\">What 40 Indicators Reveal About India\u2019s Economy in September<\/span><\/li><\/ol><\/nav>\n\n\n<meta charset=\"UTF-8\">\n<meta name=\"viewport\" 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strong{color:var(--steel);}\n  .source{margin:30px 0 0;padding-top:18px;border-top:1px solid var(--line);font-size:14px;color:var(--grey);word-break:break-word;}\n  .source a{color:var(--copper-deep);}\n  .faq{display:flex;flex-direction:column;gap:12px;margin:6px 0 22px;}\n  .faq-item{background:var(--mint-2);border:1px solid var(--line);border-radius:14px;overflow:hidden;transition:border-color .2s ease, box-shadow .2s ease;}\n  .faq-item:hover{border-color:var(--copper);box-shadow:0 2px 10px rgba(239,161,69,0.18);}\n  .faq-item[open]{border-color:var(--copper);box-shadow:0 2px 10px rgba(239,161,69,0.18);}\n  .faq-q{list-style:none;cursor:pointer;display:flex;align-items:center;justify-content:space-between;gap:16px;padding:17px 20px;font-weight:700;color:var(--forest);font-size:16px;}\n  .faq-q::-webkit-details-marker{display:none;}\n  .faq-icon{flex:0 0 auto;width:26px;height:26px;border-radius:50%;background:var(--copper);color:#fff;display:flex;align-items:center;justify-content:center;font-size:16px;font-weight:800;line-height:1;transition:transform .2s ease, background .2s ease;}\n  .faq-item[open] .faq-icon{background:var(--forest);transform:rotate(45deg);}\n  .faq-a{margin:0;padding:0 20px 18px;color:#33413B;font-size:15.5px;line-height:1.6;}\n  .video-wrap{position:relative;padding-bottom:56.25%;height:0;overflow:hidden;border-radius:14px;margin:6px 0 22px;border:1px solid var(--line);}\n  .video-wrap iframe{position:absolute;top:0;left:0;width:100%;height:100%;border:0;}\n  @media (max-width:640px){ body{font-size:16.5px;} .masthead{padding:32px 24px 28px;} .body{padding:28px 24px 34px;} h2{margin-top:36px;} table{font-size:14px;} }\n  .entry-title,.post-title,.single-post h1,h1.entry-title{color:#000!important;}\n<\/style>\n\n<div class=\"body\">\n  <p>The Moneycontrol Eco Pulse Index rose to 56.3 in September from 55.7 in August. It stayed well above 50, the level that separates expansion from contraction, and recovered part of the slowdown seen the month before. Most of the gains came from purchasing managers&#8217; indices, automobile sales, credit growth, port traffic and infrastructure output. Fuel consumption, hiring and rural employment data showed areas of weakness.<\/p>\n\n  <h2><span class=\"ez-toc-section\" id=\"How_Did_Vehicle_Sales_Perform_in_September\"><\/span>How Did Vehicle Sales Perform in September?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>Automobile sales were among the biggest contributors to the September improvement.<\/p>\n  <div class=\"tbl-scroll\">\n    <table>\n      <thead>\n        <tr>\n          <th>Segment<\/th>\n          <th>August Growth<\/th>\n          <th>September Growth<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>Four wheelers (year on year)<\/td><td>19.7%<\/td><td>32.4%<\/td><\/tr>\n        <tr><td>Two wheelers<\/td><td>20.5%<\/td><td>33.5%<\/td><\/tr>\n        <tr><td>Three-wheeler registrations<\/td><td>48.8%<\/td><td>63.5%<\/td><\/tr>\n        <tr><td>Tractors<\/td><td>2.5%<\/td><td>14.4%<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n  <p>Sales rose across all vehicle categories, which suggests discretionary spending picked up after slowing in August. The pickup in tractor sales pointed to stronger rural consumption.<\/p>\n  <p>Fuel demand did not follow the same trend:<\/p>\n  <ul class=\"doc\">\n    <li>Petrol consumption growth eased to 7.9% from 8.2%<\/li>\n    <li>Diesel demand growth eased to 5.6% from 6.8%<\/li>\n  <\/ul>\n\n  <h2><span class=\"ez-toc-section\" id=\"Which_Industry_and_Financial_Indicators_Improved\"><\/span>Which Industry and Financial Indicators Improved?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>Activity improved in both manufacturing and services.<\/p>\n  <div class=\"tbl-scroll\">\n    <table>\n      <thead>\n        <tr>\n          <th>Indicator<\/th>\n          <th>August<\/th>\n          <th>September<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>Manufacturing PMI<\/td><td>52.8<\/td><td>55.1<\/td><\/tr>\n        <tr><td>Services PMI<\/td><td>54.1<\/td><td>55.2<\/td><\/tr>\n        <tr><td>Core sector output growth<\/td><td>5.9%<\/td><td>7.9% (30-month high)<\/td><\/tr>\n        <tr><td>Major port cargo traffic growth<\/td><td>8.4%<\/td><td>12.7%<\/td><\/tr>\n        <tr><td>Non-food credit growth<\/td><td>19.8%<\/td><td>21.4%<\/td><\/tr>\n        <tr><td>Aggregate deposit growth<\/td><td>17.6%<\/td><td>19.4%<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n  <p>Payment trends were mixed:<\/p>\n  <ul class=\"doc\">\n    <li><strong>UPI:<\/strong> Transaction volumes grew more than 22% year on year, about the same as in August<\/li>\n    <li><strong>Credit cards:<\/strong> Payments fell 3.1% after growing 8.5% in August, which shows household spending was not equally strong across payment channels<\/li>\n  <\/ul>\n\n  <h2><span class=\"ez-toc-section\" id=\"What_Do_Labour_Market_Indicators_Show\"><\/span>What Do Labour Market Indicators Show?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>Employment data gave a mixed picture.<\/p>\n  <div class=\"tbl-scroll\">\n    <table>\n      <thead>\n        <tr>\n          <th>Indicator<\/th>\n          <th>Previous Reading<\/th>\n          <th>September Reading<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>Naukri JobSpeak Index growth<\/td><td>13.7%<\/td><td>1.7%<\/td><\/tr>\n        <tr><td>MGNREGA work demand (year on year)<\/td><td>Up 9% in August<\/td><td>Up 36%<\/td><\/tr>\n        <tr><td>Urban unemployment rate<\/td><td>6.8%<\/td><td>6.9%<\/td><\/tr>\n        <tr><td>Urban youth unemployment rate<\/td><td>18.7%<\/td><td>19%<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n  <p>The sharp fall in the JobSpeak Index points to slower white-collar hiring. More demand for work under the Mahatma Gandhi National Rural Employment Guarantee Act may indicate greater stress in rural labour markets.<\/p>\n\n  <h2><span class=\"ez-toc-section\" id=\"Why_Is_Inflation_a_Concern\"><\/span>Why Is Inflation a Concern?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>Inflation rose across measures:<\/p>\n  <ul class=\"doc\">\n    <li><strong>Wholesale inflation:<\/strong> Rose to 11.4% in September from 9.9% in August<\/li>\n    <li><strong>Retail inflation:<\/strong> Reached 5.54% in September, crossing 5% for the first time in the new series<\/li>\n    <li><strong>Policy rate:<\/strong> The Reserve Bank of India raised it to 5.5% from 5.25% earlier this month, its first hike in three years<\/li>\n  <\/ul>\n  <p>Rising wholesale prices could hold back growth if higher input costs start affecting manufacturing margins and consumer prices. Economists expect more rate hikes in the coming months as prices rise.<\/p>\n\n  <h2><span class=\"ez-toc-section\" id=\"How_Is_the_Eco_Pulse_Index_Built\"><\/span>How Is the Eco Pulse Index Built?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>The index combines nearly 40 high-frequency measures covering:<\/p>\n  <ul class=\"doc\">\n    <li>Consumption<\/li>\n    <li>Industry<\/li>\n    <li>Services<\/li>\n    <li>Labour markets<\/li>\n    <li>Trade<\/li>\n    <li>Financial activity<\/li>\n  <\/ul>\n  <p>It is designed to give an early indication of changes in economic momentum before official GDP data is released.<\/p>\n\n  <h2><span class=\"ez-toc-section\" id=\"Final_Outlook\"><\/span>Final Outlook<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <div class=\"outlook\">\n    <p>Upcoming data will show whether the recovery in vehicle sales and core sector output holds up against higher borrowing costs and rising input prices. Labour market indicators, especially rural work demand and urban hiring, will also show how widely the pickup in activity is being shared across households.<\/p>\n  <\/div>\n\n  <p class=\"source\">\n    <strong>Source:<\/strong>\n    Moneycontrol\n  <\/p>\n\n  <div class=\"disclaimer\">\n    <strong>Disclaimer:<\/strong> This content is for education and awareness purpose only and should not be considered investment advice or a recommendation. Investments in securities markets are subject to market risks. Read all the related documents carefully before investing.\n  <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Moneycontrol Eco Pulse Index rose to 56.3 in September from 55.7 in August. It stayed well above 50, the level that separates expansion from contraction, and recovered part of the slowdown seen the month before. Most of the gains came from purchasing managers&#8217; indices, automobile sales, credit growth, port traffic and infrastructure output. Fuel &hellip; <a href=\"https:\/\/shoonya.com\/blog\/what-40-indicators-reveal-about-indias-economy-in-september\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;What 40 Indicators Reveal About India\u2019s Economy in September&#8221;<\/span><\/a><\/p>\n","protected":false},"author":17,"featured_media":19125,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[1082],"tags":[10825,10826],"class_list":["post-19122","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","tag-growth-momentum","tag-india-economy-september-2026"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>India Economy September 2026: PMI, Credit and Jobs Data<\/title>\n<meta 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