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Financial News: India Service Sector Growth Slows In March

India Service Sector Growth Slows In March

04/04/2019 - 10:49:00 (RTTNews)

(RTTNews) - India's service sector growth eased marginally in March as gains in new work and employment slowed, survey results from IHS Markit showed on Thursday.

The Nikkei services purchasing managers' index, or PMI, fell to 52.0 in March from 52.5 in February. The latest reading was the lowest since last September.

Any reading above 50 indicates an expansion in the sector.

The Composite PMI Output Index fell to 52.7 in March from 53.8 in February.

The rate of expansion in new business eased in March and export sales increased for the second time in five months. While growth of new work from abroad rose to a four-month high.

Backlogs of works rose further in March to the second-fastest since October 2017.

Employment level increased slightly, but the rate of job creation eased to a six-month low, while jobs growth in manufacturing sector weakened to a nineteen-month low.

The rate of charged inflation accelerated slightly, remaining below the long-run average. Meanwhile, input cost inflation eased to a three-month low in March.

"Business expectations strengthened in March, indicating that services companies are hopeful that conditions will advance in the months to come," Pollyanna De Lima, Principal Economist at IHS Markit, said.

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