Financial News: India Services Growth Strengthens In October

India Services Growth Strengthens In October

11/06/2024 - 00:24:00 (RTTNews)

(RTTNews) - India's services activity growth recovered from September's ten-month low on sharper expansion in output and new business, final data from S&P Global showed on Wednesday.

The HSBC final services Purchasing Managers' Index registered 58.5 in October, up from 57.7 in September. The flash score was 57.9.

New business growth accelerated from a ten-month low seen in September. Driven by strengthening demand from Africa, Asia, the US, the Middle East and the UK, new export sales recovered in October.

Services employment increased at the quickest pace in 26 months. A sustained improvement in new business induced firms to hire full and part-time workers.

Capacity pressures also boosted job creation. Outstanding business volumes grew for the thirty-fourth straight month, with the rate of accumulation quickening to the highest since July.

Regarding prices, the survey showed that input price inflation hit a three-month high and output price inflation picked up to the strongest since July and outpaced the series trend.

Business sentiment remained positive in October despite receding a little from September.

Indian private sector activity increased to a greater extent in October, owing to stronger growth at both goods producers and service providers. The HSBC composite output index rose to 59.1 from September's ten-month low of 58.3. The final score was above the initial estimate of 58.6.

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