Financial News: India Services Growth Remains Strong In February

India Services Growth Remains Strong In February

03/05/2024 - 01:27:00 (RTTNews)

(RTTNews) - India's service sector activity continued to expand strongly in February despite a slowdown in growth rates of new orders and output, survey data from S&P Global showed on Tuesday.

The services purchasing managers' index dropped to 60.6 in February from 61.8 in January.

However, the latest score was comfortably above the neutral mark of 50.0 and signalled a sharp rate of expansion that was well above the series history.

New order inflows expanded for the twenty-first successive month, but the rate growth softened from January's recent high. Export demand rose at a solid rate, with more foreign orders coming from Australia, Asia, Europe, the Americas, and the UAE.

On the price front, input prices rose further amid higher food, freight, and labour costs. Nonetheless, the rate of inflation was the second-weakest in 42 months. As a result, charge inflation eased to the weakest in two years.

During February, Indian companied reduced their hiring, creating only a small number of new jobs because the labour supply was already meeting demand.

The composite output index decreased to 60.6 in February from a 6-month high of 61.2 in January, indicating a softer but sharper rate of expansion in the Indian private sector.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

Eurozone Consumers' 12-Month Inflation Expectations Lowest Since Dec 2021 - ECB (24 min(s), 01 sec(s) ago)
(RTTNews) - Euro area consumers' inflation expectations for the next 12 months hit their lowes ...Full Story»

U.S. Consumer Sentiment Dips More Than Previously Estimated In April (20 min(s), 01 sec(s) ago)
(RTTNews) - Revised data released by the University of Michigan on Friday showed consumer sentimen ...Full Story»

U.S. Consumer Prices Rise 0.3% In March, Annual Growth Accelerates To 2.7% (30 min(s), 01 sec(s) ago)
(RTTNews) - Closely watched readings on inflation released by the Commerce Department on Friday sh ...Full Story»

Spain Unemployment Rate Rises In Q1 (02 min(s), 01 sec(s) ago)
(RTTNews) - Spain's unemployment rate increased at the start of the year, quarterly data from ...Full Story»

U.S. Consumer Prices Rise In Line With Estimates In March (43 min(s), 01 sec(s) ago)
(RTTNews) - Closely watched readings on inflation released by the Commerce Department on Friday sh ...Full Story»

Russia Central Bank Keeps Key Rate Unchanged (34 min(s), 01 sec(s) ago)
(RTTNews) - Russia's central bank left its key interest rates unchanged for the third consecut ...Full Story»

Austria Manufacturing Downturn Continues In April (35 min(s), 59 sec(s) ago)
(RTTNews) - Austria's manufacturing activity deteriorated further in April, though the pace of ...Full Story»

Eurozone Private Sector Credit Growth Remains Weak (01 hr(s), 06 min(s), 59 sec(s) ago)
(RTTNews) - Eurozone private sector credit continued to increase in March but the pace of recovery ...Full Story»