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Financial News: India Services Sector Expands In November

India Services Sector Expands In November

12/04/2019 - 02:03:00 (RTTNews)

(RTTNews) - India's services sector activity recovered in November amid a rise in new business intakes and job creation, survey results from IHS Markit showed on Wednesday.

The services Purchasing Managers' Index, or PMI, rose to 52.7 in November from 49.2 in October. Any reading above 50 indicates expansion in the sector.

Three out of five categories of the service sector achieved moderate expansion in November.

Incoming new work increased to the greatest extent in four months in November and new business from abroad rose for the ninth month in a row. The level of work-in-hand grew for the second straight month.

Employment increased with the pace of job expansion accelerated to the highest in three months, which was in line with the long-run series average.

Average input prices rose solidly in November, with the rate of inflation highest in thirteen months. Average prices charged increased at the weakest pace since July.

The level of positive sentiment was the highest in three months, but remained below its long-run average.

The composite output index increased to 52.7 in November from 49.6 in the previous month. The upturn reflected faster growth in manufacturing and a renewed rise in services activity.

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