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Financial News: India Service Sector Growth Eases In May

India Service Sector Growth Eases In May

06/05/2019 - 02:49:00 (RTTNews)

(RTTNews) - India's service sector expanded at a weaker pace in May as uncertainty ahead of elections weighed on new orders, survey results from IHS Markit showed on Wednesday.

The Nikkei services purchasing managers' index, or PMI, fell to 50.2 in May from 51.0 in April. However, any reading above 50 indicates expansion in the sector.

The Composite Output Index remained at 51.7 in May, the same as in the previous month.

New business inflows at service providers rose to a weakest pace in eight months. While, the factory orders increased at a faster pace in May.

Total new work in the service economy rose by strengthening demand from overseas and new export business expanded for the third month in a row.

Employment in services grew further for the twenty-one months in a row, with the rate of job creation expanding at a solid and faster than seen on average.

Input costs rose at a slowest rate in close to two-and-a-half years. Aggregate input prices were at the weakest rise in nearly three years and inflation was at a weaker rate in the long run average.

Though the accumulation of work in services was the weakest since January, backlogs of work increased over the past three years.

Business sentiment improved in May to the highest seen in the past year.

"Some ground was lost so far in the first quarter of fiscal year 2019/2020 but, with a government formed and a resumed policy agenda, a recovery is expected as we head towards the second half of 2019," Pollyanna De Lima, principal economist at IHS Markit, said.

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