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Financial News: India Services Activity Logs Sustained Upturn In June

India Services Activity Logs Sustained Upturn In June

07/03/2024 - 02:42:00 (RTTNews)

(RTTNews) - India's service sector growth accelerated somewhat in June amid robust demand conditions both domestically and internationally, the latest survey data from S&P Global showed on Wednesday.

The seasonally adjusted HSBC services purchasing managers' index rose to 60.5 in June from 60.2 in May. A score above 50 indicates expansion in the sector. The flash score was 60.4.

Demand strength and rising intakes of new business were cited as the key determinants of growth, the survey said.

New orders rose further in June, with the current sequence of growth extending to nearly three years. A record expansion was seen in export orders amid more demand from Asia, Australia, Europe, Latin America, the Middle East, and the US.

Consequently, Indian service providers lifted their workforce numbers, and the rate of job creation was the strongest in twenty-two months.

On the price front, overall input costs increased due to additional labor expenses along with higher costs for food and fuel. However, the rate of inflation eased to a 4-month low, and selling prices also rose at a slower rate.

Looking ahead, service companies remained confident about the expected business activity over the next year. Nevertheless, the overall level of positive sentiment slipped to an 11-month low, owing to concerns surrounding market uncertainty and competition.

The composite output index climbed to 60.9 in June from 60.5 in the previous month, indicating that growth in the Indian private sector re-accelerated from a five-month low in May.

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