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Financial News: India Services Growth Eases In November

India Services Growth Eases In November

12/03/2021 - 07:27:00 (RTTNews)

(RTTNews) - India's service sector grew at a softer pace in November, survey data from IHS Markit showed on Friday.

The services Purchasing Managers' Index fell to 58.1 in November from 58.4 in October.

Economists had forecast the index to rise to 57.8. A reading above 50.0 indicates expansion in the sector.

"The recovery of the Indian service sector was extended to November, with a robust improvement in sales enabling the second-fastest rise in business activity in nearly ten-and-a-half years," Pollyanna De Lima, economics associate director at IHS Markit, said.

New business rose at a similar rate as in October.

Business confidence improved to the highest in three months in November, but the overall level of positive sentiment remained below the long-run average.

The rate of cost inflation quickened from October and was the second-strongest in nearly a decade. Selling prices increased in November.

Backlogs of work declined for the fourth month in a row in November and employment levels increased slightly.

International demand dropped in November and the decline in external sales was the twenty-first in successive months.

The overall private sector economy continued to expand among both manufacturers and service providers. The composite output index rose to 59.2 in November from 58.7 in the previous month.

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