Growth in services activity picked up pace in September as order books filled up at a faster rate.
The HSBC Services Purchasing Managers’ Index (PMI), compiled by Markit, rose to 51.6 in September from 50.6 in August, reversing a slowdown seen in the previous two months. A reading above 50 signifies growth while anything below denotes contraction. The new business sub-index climbed to 52.4 from 51.9, signalling robust demand.
In what might also give some respite to an economy that has long struggled with high inflation, the sub-index measuring output price growth fell to a near four-year low. India’s annual consumer price inflation eased in August to 7.80% from 7.96% in July. Wholesale prices also rose at a slower clip during that month. But the RBI doesn’t appear to be in a hurry to ease monetary policy and hinted last week that it won’t do so until it is confident that consumer inflation can be reduced to a target of 6% by January 2016.
The HSBC Services Purchasing Managers’ Index (PMI), compiled by Markit, rose to 51.6 in September from 50.6 in August, reversing a slowdown seen in the previous two months. A reading above 50 signifies growth while anything below denotes contraction. The new business sub-index climbed to 52.4 from 51.9, signalling robust demand.
In what might also give some respite to an economy that has long struggled with high inflation, the sub-index measuring output price growth fell to a near four-year low. India’s annual consumer price inflation eased in August to 7.80% from 7.96% in July. Wholesale prices also rose at a slower clip during that month. But the RBI doesn’t appear to be in a hurry to ease monetary policy and hinted last week that it won’t do so until it is confident that consumer inflation can be reduced to a target of 6% by January 2016.
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