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Financial News: India's Private Sector Contracts For Second Month

India's Private Sector Contracts For Second Month

09/05/2017 - 01:37:00 (RTTNews)

(RTTNews) - India's private sector activity deteriorated for the second straight month in August, as the Indian service sector was again impacted by the Goods and Services Tax, survey figures from IHS Markit showed Tuesday.

The seasonally adjusted Nikkei India composite output index rose to 49.0 in August from 46.0 in July. However, a reading below 50 indicates contraction in the sector.

Although manufacturing production rebounded from July's downturn, growth was insufficient to offset the contraction in services activity.

The headline Nikkei Services Purchasing Managers' Index climbed to 47.5 in August from 45.9 in the prior month.

In August, output and new orders continued to decline in the service sector. The downturn was less severe than in July, however, with rates of contraction softening in both cases.

In contrast, factory orders returned to expansion territory in August.

Staffing numbers in the service economy dropped in August amid evidence of the non-replacement of voluntary leavers. Conversely, manufacturers took on extra staff at the quickest rate in nearly four-and-a-half years.

On the price front, a slightly quicker rise in cost burdens was registered in the service sector, whereas output charge inflation softened from July's recent peak.

In the manufacturing industry, purchase costs grew at the slowest pace in one year.

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