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Financial News: India Services Growth Slows In September

India Services Growth Slows In September

10/05/2021 - 04:39:00 (RTTNews)

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

The services Purchasing Managers' Index fell to 55.2 in September from 56.7 in August. Economists had forecast the index to rise to 57.0.

A reading above 50.0 indicates expansion in the sector.

New business inflow increased in September and employment growth ended in a nine-month sequence of job shedding. Outstanding business declined for the second straight month in September.

The overall rate of inflation eased to the lowest in eight months in September and selling prices increased.

The business confidence weakened in September, while output was expected to expand in the next 12 months.

New export business declined for the nineteenth straight month in September.

The overall private sector economy continued to expand, albeit at a softer pace. The composite output index eased to 55.3 in September from 55.4 in the previous month.

"Indian companies continued to benefit from a recovery in demand as the pandemic receded further and restrictions were lifted," Pollyanna De Lima, economics associate director at IHS Markit, said.

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