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Reading: October services PMI at 7-month low as demand cools 
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BusinessIndia

October services PMI at 7-month low as demand cools 

Team Happen Recently
Last updated: 2023/11/03 at 11:38 AM
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 India’s dominant services industry expanded at its slowest pace in seven months in October while a slight tapering in demand led to sluggish job creation, but underlying activity remained solid and exports continued to rise healthily, a survey showed on Friday. 

  India’s dominant services industry expanded at its slowest pace in seven months in October while a slight tapering in demand led to sluggish job creation, but underlying activity remained solid and exports continued to rise healthily, a survey showed on Friday. 

  Taken together with a cooling in the manufacturing sector last month, the result may still pose a challenge for India’s economic growth outlook which a recent Reuters poll pegged at 6.3% this fiscal year, the fastest among major countries.  

 The S&P Global India Services Purchasing Managers’ Index fell to 58.4 last month from September’s 61.0 and lower than the Reuters poll expectation of 60.5. 

 Still, the reading was above the 50-mark separating growth from contraction for a 27th consecutive month. 

  “The Indian service economy continued to register impressive growth, despite the increases in business activity and new work intakes softening from September’s over 13-year highs,” said Pollyanna De Lima, economics associate director at S&P Global.  “Exports  were a particularly dynamic sector  in October, with new business gains from Asia, Europe and the  United States driving  growth to its  second highest level  in  nine years.”  

 While new business  –  a key  indicator  of demand  – grew  at the slowest pace in five months, exports accelerated  after  slowing  last month from  August’s record.  

 The survey noted  “fierce  competition and  weak  demand for  some services”,  which appeared to  cloud  the  company’s  outlook for the  next  12  months,  with the  Future Activity  sub-index falling  down  to 63.5  after the highest level  in  more than 9 years.  September.  Job creation falls  to  three-month low. 

  However,  this  did not stop  businesses from  passing on  rising  input costs to  customers,  with  input prices and  invoice  prices  rising faster than  last month due to inflation  in  food, fuel and  personnel  costs. 

  De Lima added: “While  survey  respondents  passed these additional  costs  on to  customers, thanks to strong demand, tax increases are likely responsible for  the  slowdown  in sales  growth. Sales slow down. “In addition, rising  inflation expectations in October  weakened  business confidence.” 

  This  could pose  a risk of rising retail inflation in  the South Asian  country,  which  fell  to a three-month low of 5.02% in September.  

 With manufacturing activity expanding at its slowest pace in eight months and services growth also  slowing,  the overall  composite  PMI  index  fell to 58.4 in October from 61.0. 

For more information visit at https://happenrecently.com/zepto/?amp=1

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