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Financial News: India's Private Sector Growth Weakens In August

India's Private Sector Growth Weakens In August

09/05/2018 - 01:48:00 (RTTNews)

(RTTNews) - India's private sector growth slowed notably in August driven by weaker growth across manufacturing and services sectors, survey data from IHS Markit showed Wednesday.

The Nikkei composite output index dropped to 51.9 in August from July's 21-month high of 54.1. Nonetheless, a score above 50 indicates expansion.

The services Purchasing Managers' Index declined to 51.5 in August from 21-month peak of 54.2 in July.

New work in services expanded at the slowest pace in three months. Subsequently, firms raised their staffing levels at the slowest pace since last November.

On the price front, input cost inflation was marked and the strongest for nine months. Meanwhile, business confidence among service providers rose to the highest level since May.

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