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Financial News: India Services Sector Recovers In July

India Services Sector Recovers In July

08/05/2019 - 02:47:00 (RTTNews)

(RTTNews) - India's services sector returned to growth in July driven by new works, survey results from IHS Markit showed on Monday.

The services Purchasing Managers' Index, or PMI, rose to 53.8 in July from 49.6 in June. Any reading above 50 indicates expansion in the sector.

New work intakes grew the most since October 2016. New export work rose for the fifth month in a row in July and the fastest since September 2014.

Staffing levels increased at the quickest pace in eight-and-a-half years, as pressure on operating capacity and positive growth contributed to a expansion in the employment.

Unfinished business across the service sector increased at the slowest pace in 2019.

Cost burden rose in July amid higher prices for fuel and raw materials. The input inflation rate remained moderate and below historical average despite accelerating to a five-month high.

Business sentiment improved in July after weakening in the previous month.

The composite output index rose to an eight-month high of 53.9 in July from 50.8 in June.

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