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Financial News: India Services Sector Growth Slows In August

India Services Sector Growth Slows In August

09/04/2019 - 02:47:00 (RTTNews)

(RTTNews) - India's services sector growth slowed in August, survey results from IHS Markit showed on Wednesday.

The services Purchasing Managers' Index, or PMI, fell to 52.4 in August from 53.8 in July. Any reading above 50 indicates expansion in the sector.

New business inflows increased at a softer pace in August and new export orders remained stronger than total new works.

Job creation increased in August and remained above the long run average. The outstanding business rose for the thirty-ninth month.

Input prices increased on higher prices for food, fuel and staff, while the rate of inflation softened in August. Selling prices rose in August and the rate of charge inflation quickened to the highest level in 17 months.

Business confidence rose in August with optimism strengthening to a one-year high.

The composite output index fell to 52.6 in August from 53.9 in July. However, the score remained above 50 for the eighteenth month in a row to indicate expansion.

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