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Financial News: India's Service Sector Returns To Growth In June

India's Service Sector Returns To Growth In June

07/04/2018 - 01:30:00 (RTTNews)

(RTTNews) - India's services sector activity expanded at the fastest pace in a year in June, following a marginal contraction in the previous month, survey data from IHS Markit showed Wednesday.

The headline Nikkei Services Purchasing Managers' Index climbed to 52.6 in June from 49.6 in May.

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

The Nikkei Composite Output Index, which covers both manufacturing and services, rose to 53.3 in June from 50.4 in the prior month.

New orders received by Indian services firms grew at the fastest rate in twelve months amid strong underlying demand. Consequently, the rate of job creation picked up from May's five month low.

Despite an improvement in demand conditions, business sentiment across the service sector dipped to the lowest since last October.

On the price front, input price inflation remained solid, driven by higher fuel costs. Meanwhile, firms raised their output charges at the slowest pace in over a year.

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