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Financial News: India Services Growth Rebounds Strongly In August

India Services Growth Rebounds Strongly In August

09/05/2022 - 02:37:00 (RTTNews)

(RTTNews) - India's service sector growth bounced back strongly in August, led by strong rises in new orders, output and employment, survey results from S&P Global showed on Monday.

The services Purchasing Managers' Index rose to 57.2 in August from 55.5 July. A score above 50 indicates expansion in the sector.

New orders grew at a faster pace in August amid favorable demand conditions and successful advertising.

Services companies expect output growth over the next twelve months, with the corresponding rising to a 4-year high in August.

As a result, firms raised their staffing numbers substantially in August. The rate of job creation picked up to the strongest in over fourteen years.

On the price front, input prices continued to rise due to higher food, fuel and labor costs. Nonetheless, the overall rate of inflation softened to an 11-month low. The rate of charge inflation was solid and broadly similar to the previous month.

The composite output index climbed to 58.2 in August from 56.6 in July, as both manufacturers and service providers logged quicker rates of increase.

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