Iran PMI Shrinks to 6-Month Low

New data released by the Statistics and Economic Analysis Center of Iran Chamber of Commerce, Industries, Mines and Agriculture show the Purchasing Managers' Index for the Iranian economy has shrank to a six-month low.
The index settled at 47.39 in the eighth month of the current Iranian year (Oct. 23-Nov. 21) from 50.19 registered in the previous month, indicating a 2.8-point or 5.57% decrease.
ICCIMA noted that the decline in the index is mostly the result of recession in the construction, services and agriculture sectors.
PMI indicates the prevailing direction of economic trends in the manufacturing and services sectors. The headline PMI is a number from 0 to 100, such that over 50 indicates an economic expansion compared with the previous month. A PMI reading under 50 indicates contraction and a reading of 50 implies no change.