India's services sector recovers growth momentum in October: PMI survey
- IBEF
- November 4, 2022
According to a private poll, activity in India's dominant services sector increased in October despite increasing price pressures. The S&P Global India services Purchasing Managers' Index increased from September's six-month low of 54.3 to 55.1 in October, supported by strong domestic demand. For the seventeenth month in a row, the rating exceeded the 50-point threshold that distinguishes growth from contraction and exceeded the 54.6 reading predicted by Reuters.
The October statistics demonstrate that, despite rising interest rates, service providers had no trouble finding new work in October. As a result, the sector remained solidly in expansion territory, with company activity and payroll numbers increased to support growing demand, according to Ms. Pollyanna De Lima, Economics Associate Director. Job growth in the services sector has increased, and company expectations have reached an almost eight-year high. According to the report, ongoing gains in new business and output needs have continued to support employment creation in the service economy.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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