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Financial News: India Private Sector Growth At 7-Month Low

India Private Sector Growth At 7-Month Low

05/06/2019 - 04:38:00 (RTTNews)

(RTTNews) - India's private sector expanded at the slowest pace in seven months in April amid softer growth in services activity, survey data from IHS Markit showed on Monday. The Nikkei Composite Purchasing Managers' Index, or PMI, fell to 51.7 in April from 52.7 in March.

Any reading above 50 indicates an expansion in the sector.

The Nikkei Services PMI fell to 51.0 in April from 52.0 in the previous month.

New work rose in the services firms in April, but the upturn was the weakest in seven months. Factory orders rose at the slowest rate since August 2018.

New export business was the quickest in ten months. Backlogs of works increased among the goods producers.

Employment growth was moderate in the service sector. While, in the manufacturing sector, job creation eased to the weakest in thirteen months.

Input price inflation in the service sector moderated to the second-slowest rate in two years.

The level of sentiment in the private sector was the second-highest recorded since September 2018.

"Although the Indian private sector economy looks to be settling into a weaker growth phase, much of the slowdown was linked to disruptions arising from the elections and companies generally foresee improvements once a government is formed," Pollyanna De Lima, Principal Economist at IHS Markit, said.

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