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Financial News: India's Service Sector Growth Moderates In September

India's Service Sector Growth Moderates In September

10/04/2018 - 01:26:00 (RTTNews)

(RTTNews) - India's service sector expanded at a marginal rate in September amid reports of underwhelming market demand, survey results from IHS Markit showed Thursday.

The Nikkei services Purchasing Managers' Index fell to 50.9 in September from 51.5 in August. This was the lowest reading in the current four-month sequence of rising activity. Nonetheless, a score above 50 indicates expansion.

The composite output index, covering both manufacturing and services, came in at 51.6, down from 51.9 in August. Despite a slight improvement in manufacturing, the score reached its lowest level in four months.

In the service sector, weaker growth was closely linked to a broad stagnation of new business. Price pressures intensified, with higher fuel costs and a stronger US dollar raising the price of imported goods.

Further, expectations remained in positive territory, whilst firms added to their staffing levels for a thirteenth successive month.

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