Service sector

India’s services sector PMI improves in August



NNA |
Updated:
September 05, 2022 1:50 p.m. STI

New Delhi [India], Sep 5 (ANI): India’s services sector activity improved in August as the S&P Global India Services Purchasing Managers Index (PMI) showed growth from the previous month. The index rose from a four-month low.
In August, the services PMI was 57.2 versus 55.2 the previous month. In June, it was at 59.2.
The indices range between 0 and 100, with a reading above 50 indicating an overall increase from the previous month, and below 50 an overall decrease.

The rally was attributed to stronger gains in new business, continued improvement in demand, job creation and overtime, S&P Global Market Intelligence said.
“With reports of favorable demand conditions and advertising success, there was a further increase in new business placed with service businesses in August. The rate of expansion was rapid and accelerated from July “, did he declare.
At the sub-sector level, new business and output grew fastest in transportation, information and communication, and finance and insurance.
“Indian services activity picked up sharply midway through the second fiscal quarter, with the pace of expansion recouping some of the ground lost in July. continuing to benefit from the lifting of COVID-19 related restrictions and ongoing marketing efforts,” said Pollyanna De Lima, associate director of economics at S&P Global Market Intelligence.
“Finance and insurance was the brightest area of ​​the services economy in August, leading in sales and output growth. In input cost inflation, consumer services are at the top of the sector ranking, but it is in transport, information and communication that the fastest increase in sales prices has been recorded”, added Pollyanna De Lima. (ANI)