Economic Buzz: India Services PMI Indicates Recovery In Growth Momentum

3 Nov 2022 , 11:26 AM

Rising from Septembers six-month low of 54.3 to 55.1 in October, the seasonally adjusted S&P Global India Services PMI? Business Activity Index pointed to a quicker and marked rate of growth. The headline figure was above the neutral 50.0 threshold for the fifteenth month running and outpaced its long-run average. Favorable demand for services continued to underpin increases in new business and output at the start of the third fiscal quarter. Moreover, rates of expansion quickened from Septembers six-month lows. Buoyed by the ongoing recovery in new work, service providers again took on extra staff, with an improvement in business confidence also supporting hiring activity. The latest results also showed mild accelerations in inflation rates for input costs and output charges. October data showed an expansion in new work place with Indian service providers, continuing the trend seen since August 2021. There was a mild acceleration in growth of private sector activity in India, as a stronger increase in the service economy more than offset a slowdown among goods producers. At 55.5 in October, up from 55.1 in September, the S&P Global India Composite PMI Output Index* pointed to a marked rate of expansion that outpaced its long-run average. Powered by Commodity Insights