India's Services Growth Picks up in August but Stays Near Four-Year Low, PMI Shows
Services firms hired at the fastest pace in 15 months as the composite PMI held at 54.3, even as new business grew at the second-slowest rate in over four years.
- On Thursday, the HSBC India Services PMI Business Activity Index rose to 54.1 in August from 53.3 in July, as Pranjul Bhandari, chief India economist at HSBC, noted "India's services activity expanded faster in August."
- Subdued bookings, strong competition, and reduced transport operations persisted despite stronger output and new business supporting India's services sector throughout August.
- Firms ramped up hiring at the fastest rate in 15 months, helping the HSBC India Composite PMI Output Index hold at 54.3 as quicker services expansion offset a manufacturing slowdown.
- Prices charged to clients rose at the fastest pace since March as firms passed on higher operating expenses, while new export orders expanded from Australia, Canada, and other markets.
- Business confidence remains below its long-run average for a second month, as Asia's third-largest economy faces a projected growth slowdown to 6.7% this fiscal year from 7.8% last quarter.
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India services activity expands in August: PMI
New Delhi: India’s services activity expanded in August, supported by stronger output and new business, even as the overall pace of growth was the second-slowest recorded since March 2022, a monthly survey said on Thursday, September 3. The seasonally adjusted HSBC India Services PMI Business Activity Index rose from 53.3 in July to 54.1 in … Get the latest updates in Hyderabad City News, Technology, Entertainment, Sports, Politics and Top Stori…
India services activity expands in August, pace of growth cools to over 4-year low: PMI
The seasonally adjusted HSBC India Services PMI Business Activity Index rose from 53.3 in July to 54.1 in August, as demand conditions remained supportive and new business inflows continued to rise
India Services PMI Rises to 54.1 in August on Higher Output and Hiring
Get latest articles and stories on Business at LatestLY. India’s services activity expanded at a quicker pace midway through the second fiscal quarter, with the headline HSBC India Services PMI Business Activity Index rising from 53.3 in July to 54.1 in August. Business News | India Services PMI Rises to 54.1 in August on Higher Output and Hiring.
India's services growth picks up in August but stays near four-year low, PMI shows
India's dominant services sector accelerated slightly in August but persistently subdued new business kept overall activity near its weakest in more than four years, a survey showed, though firms ramped up hiring at the fastest pace in over a year.
India’s services sector expands in August, but growth at four-year low, PMI survey shows
Services activity accelerated in August, but weak new-business growth and intense competition kept the sector’s expansion near its weakest level in more than four years, even as hiring hit a 15-month high.
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