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Financial News: India Services Sector Contracts In September

India Services Sector Contracts In September

10/04/2019 - 02:07:00 (RTTNews)

(RTTNews) - India's services sector activity deteriorated in September, survey results from IHS Markit showed on Friday.

The services Purchasing Managers' Index, or PMI, fell to 48.7 in September from 52.4 in August. Any reading below 50 indicates contraction in the sector.

The sector contracted for the first time in three months and logged its weakest performance since February 2018.

New work contracted in September after an expansion of eighteen months, while international orders increased for the seventh straight month.

Employment growth softened to the slowest since June and backlogs of work fell for the first time in forty months in September.

On the price front, input prices rose but the rate of inflation eased to the weakest level in over two-and-a-half years. Prices charged for services was little-changed from August but outpaced the input price inflation.

Business sentiment decreased in September with optimism falling to thirty-one month low.

The composite output index fell to 49.8 in September from 52.6 in the previous month. The score fell below 50 for the first time in nineteen months.

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