India’s services-sector activity improved in October, with the HSBC India Services PMI Business Activity Index rising to 55.8 from September’s 55.2, according to Reuters and PTI reports on November 4. It was the strongest reading in four months.
The improvement was supported by domestic demand and new business. Export-order growth was less robust, matching its weakest pace in 45 months, Reuters reported. Recruitment also remained subdued, with employment growth at its slowest since June.
Input costs and prices charged to customers continued to increase, but more slowly than in September. Businesses remained optimistic about future activity, although confidence weakened from the previous month.
The composite index covering manufacturing and services rose to 56.2 from 55.9. The services survey, compiled by S&P Global, covers around 400 companies. Readings above 50 indicate monthly expansion; these figures are survey index values, not percentage growth rates for output or GDP.
Archive illustrative photograph of office buildings beyond a field; not a photograph of the survey or current business activity. Photo: A view of my office by Shashwat Nagpal, CC BY 2.0. Image unchanged.
