October 2016: Serivces PMI growth @ 54.5

India's services purchasing managers' index (PMI) touched a near four-year high at 54.5 in October compared to a reading of 52.0 in September.
A reading above 50 indicates expansion while a reading below 50 indicates contraction.
TradingEconomics.com said that "the reading pointed to a strongest pace of expansion in private sector activity that was the quickest in nearly four years as strong rise in new business underpins sharp activity growth while input costs facing service providers rise at a softer rate"
The Nikkei Services Business Activity Index was recorded above the 50-mark for the sixteenth straight month, markiteconomics, said, highlighting the ongoing growth in the sector.
New orders, which expanded at a solid pace, faster than in September, supported the uptick.
However, unfinished business volumes rose for the fifth consecutive month.
Despite the consistent growth over the months, service sector employment in October was unchanged over the month, with nearly all the survey participants reporting the same payroll numbers as in September.

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