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Financial News: Indian Service Sector Growth Improves In October

Indian Service Sector Growth Improves In October

11/03/2022 - 02:50:00 (RTTNews)

(RTTNews) - India's service sector growth rebounded strongly in October from a 6-month low in September, driven by faster rises in new business and output, survey results from S&P Global showed on Thursday.

The services Purchasing Managers' Index rose to 55.1 in October from 54.3 in September. A score above 50 indicates expansion in the sector.

New orders grew for the fourteenth successive month in October, and at a marked and accelerated rate.

The domestic market was the main source of new business, as foreign sales dropped further. International demand has been declining monthly since March 2020, when COVID-19 began.

On the price front, cost inflation accelerated to a 3-month high in October, linked to increased food, fuel and retail prices. As a result, selling price inflation rose marginally.

Indian service companies remain optimistic regarding higher volumes of business activity in the next twelve months, with the confidence level strengthening to its highest level in just under eight years.

"Optimism towards a more positive environment boosted job creation in October, as service providers sought to adjust capacities to accommodate for expected increases in new work," Pollyanna De Lima, economics associate director at S&P Global, said.

Employment rose for the fifth successive month in October and at the second-fastest pace in over three years.

The composite output index improved to 55.5 in September from 55.1 in August, as a stronger increase in the service economy more than offset a slowdown among goods producers.

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