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

India's Service Sector Returns To Growth In September

10/05/2017 - 01:35:00 (RTTNews)

(RTTNews) - India's service sector activity recovered from the GST-related contractions registered in the previous two months, survey figures from IHS Markit showed Thursday.

The headline Nikkei Services Purchasing Managers' Index climbed to 50.7 in September from 47.5 in the prior month.

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

The seasonally adjusted Nikkei India composite output index also rose to 51.1 in September from 49.0 in August.

New business received by Indian service providers rose for the first time since June amid marketing campaigns and strengthening demand conditions.

Similarly, factory output and orders increased at the end of the third quarter.

The improving economic environment supported job creation, with services employment grew at the sharpest pace in 75 months. Manufacturing employment quickened to the fastest since October 2012.

On the price front, input price inflation in the service sector accelerated in September, while output prices increased at the weakest rate since June.

Cost pressures at manufacturing industry also intensified, but was modest.

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