Economic Buzz: Indias Services Sector PMI At 57.2 in August

5 Sep 2022 , 12:48 PM

Indias service sector growth bounced back strongly in August, led by strong rises in new orders, output and employment, survey results from S&P Global showed. The services Purchasing Managers Index rose to 57.2 in August from 55.5 in July. A score above indicates expansion in the sector. New orders grew at a faster pace in August amid favorable demand conditions and successful advertising. Services companies expect output growth over the next twelve months, with the corresponding rising to a 4-year high in August. As a result, firms raised their staffing numbers substantially in August. On the price front, input prices continued to rise due to higher food, fuel and labor costs. The composite output index climbed to 58.2 in August from 56.6 in July, as both manufacturers and service providers logged quicker rates of increase. Powered by Commodity Insights