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Financial News: India's Service Sector Expands For Second Month

India's Service Sector Expands For Second Month

11/03/2017 - 02:11:00 (RTTNews)

(RTTNews) - The Indian service sector's recovery following the implementation of the goods and services tax, gathered pace in October, driven by greater inflows of new orders, survey data from IHS Markit showed Friday.

The headline Nikkei Services Purchasing Managers' Index climbed to 51.7 in October from 50.7 in September. Any reading above 50 indicates expansion in the sector.

Meanwhile, there was a slowdown in the rate of growth of Indian manufacturing production.

The Nikkei Composite Output Index, which covers both manufacturing and services, rose slightly from 51.1 in September to 51.3 in October.

The overall growth in the service sector was underpinned by a further rise in new business on favorable demand conditions. In contrast, manufacturing order books were broadly unchanged.

In response to greater output requirements, service providers raised their workforce numbers for the second straight month.

Manufacturing employment increased at a modest pace that was broadly unchanged from September's 59-month high.

On the price front, input price inflation in the service sector intensified to the joint-fastest since April 2016. At manufacturers, purchase price inflation accelerated to the fastest pace since May.

"Although the degree of business confidence fell to the weakest since June, service providers retained an optimistic outlook regarding business activity over the coming 12 months, whilst the labor market was further reinforced as firms raised their payroll numbers over the month," Aashna Dodhia, Economist at IHS Markit, said.

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