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Financial News: India's Services Growth Strongest Since Oct 2016

India's Services Growth Strongest Since Oct 2016

08/03/2018 - 01:32:00 (RTTNews)

(RTTNews) - India's service sector activity expanded at the fastest pace in nearly two years in July, underpinned by favorable demand conditions, survey data from IHS Markit showed Friday.

The headline Nikkei Services Purchasing Managers' Index climbed to 54.2 in July from 52.6 in June. Any reading above 50 indicates growth in the sector.

The Nikkei Composite Output Index, which covers both manufacturing and services, also rose to a 21-month high of 54.1 in July from 53.3 in the prior month.

New orders received by Indian services firms grew at the sharpest rate since June last year.

Subsequently, companies raised their staffing levels in July and the rate of job creation was the strongest in three months.

On the price front, input price inflation accelerated to a 4-month high in July, driven by higher food and fuel prices.

Despite this, output charges rose at the slowest pace since March 2017, as firms were unable to fully pass on greater cost burdens to price-sensitive clients.

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