New Orders & Robust Demand Lift India's October Services Growth to 4-Month High
HSBC said new business grew at the fastest pace since June as input cost inflation eased to its lowest level in over six years.
- The HSBC India Services PMI rose to 55.8 from 55.2 in October, marking the strongest pace of growth in four months as business conditions improved.
- Domestic demand remained the main driver of sales growth, as new client wins and successful advertising boosted new business intakes across the sector.
- Inflationary pressure weakened across the sector, with the aggregate rate of inflation hitting an 11-month low as cost pressures receded substantially.
- Employment growth slowed to its weakest pace in 10 months, suggesting companies have sufficient capacity to meet current staffing requirements without aggressive hiring.
- Pranjul Bhandari, Chief India Economist at HSBC, said "India's services PMI rose to 55.8, a four-month high," while service providers remain confident about output over the next 12 months.
13 Articles
13 Articles
New orders & robust demand lift India's October services growth to 4-month high
Growth in India's services sector increased to a four-month high in October due to strong domestic demand and business orders. The HSBC Services Business Activity Index rose to 55.8, reflecting improved business conditions. Conversely, manufacturing activity showed a slight decline, easing to a PMI of 54.7. While input prices continued to rise, the rate of increase was the slowest in over six years.
India's Services PMI Hits 4-Month High in October Amid Easing Cost Pressures
India's services sector activity expanded at its strongest pace in four months in October, driven by robust demand and new orders, while experiencing a significant easing of cost pressures. Despite this, job creation slowed, and businesses maintained a cautious outlook.
India's services activity rises to four-month high of 55.8 in October, cost pressures ease
Services activity improved from September's 55.2 as domestic demand strengthened, while input cost inflation fell to its lowest level in over six years. However, export orders and hiring remained subdued
October services PMI hits 4-month high, rises to 55.8 as demand improves
India’s services sector grew at its fastest pace in four months in October, driven by stronger domestic demand and new business orders, despite slower hiring and weakened export growth. Inflation pressures eased to the lowest in over six years.
India's services growth accelerates to 55.8 in October, cost pressures ease to six-year low
India's services sector activity expanded at its fastest pace in four months in October, with the HSBC India Services Purchasing Managers' Index (PMI) rising to 55.8 from 55.2 in September, while input cost inflation eased to its lowest level in more than six years, according to data released by S&P Global on Wednesday.
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