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Financial News: India's Service Sector Contracts In May

India's Service Sector Contracts In May

06/05/2018 - 01:35:00 (RTTNews)

(RTTNews) - India's service sector activity deteriorated for the first time in three months in May, survey data from IHS Markit showed Tuesday.

The headline Nikkei Services Purchasing Managers' Index dropped to 49.6 in May from 51.4 in April.

Any score above 50 suggests expansion, while a reading below 50 indicates contracts in the sector.

According to anecdotal evidence, competitive demand conditions was the key factor behind a decline in output.

The Nikkei Composite Output Index, which covers both manufacturing and services, fell to 50.4 in May from 51.9 in April.

A broad stagnation in new orders was recorded across the service sector in May, while manufacturing orders rose for the seventh consecutive month.

Despite weak demand conditions, Indian service providers raised their staffing numbers in May, but the rate of job creation was modest and weakest in 2018 so far.

On the price front, input cost inflation picked up from April's recent low and was solid overall. However, output charge inflation moderated to an 11-month low.

""A bright spot of the services PMI data was that business sentiment was the strongest since January 2015, rooted in expectations of improvements in demand conditions in the year ahead," Aashna Dodhia, Economist at IHS Markit, said.

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