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Financial News: India Service Sector Activity Improves In September

India Service Sector Activity Improves In September

10/06/2020 - 07:03:00 (RTTNews)

(RTTNews) - India's service sector activity rose for the fifth month in a row in September, survey results from IHS Markit showed Tuesday.

The IHS Markit services Purchasing Managers' Index rose to 49.8 in September from 41.8 in August. Any reading below 50.0 indicates contraction in the sector.

New business declined for the seventh straight month in September and new orders from abroad contracted at the slowest pace in six months.

Firms were optimistic about the 12-month outlook for business activity hopping that a vaccine for Covid-19 will be rolled out.

Employment decreased for the seventh straight month in September and at a quickest rate than in August.

Outstanding business increased sharply in September and the rate of backlogs of work was little-changed from August's survey record.

Input prices increased in September and the overall rate of inflation was the highest in seven months.

The survey showed that the composite output index, which measures combined services and manufacturing output, rose to 54.6 in September from 46.0 in August.

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