India's services PMI rises to 59.8 in November driven by robust output growth
NEW DELHI: India’s services PMI Business Activity Index rose from 58.9 in October to 59.8 in November, driven by robust new business intakes that fuelled output growth, according to the HSBC India Services Purchasing Managers’ Index (PMI) survey by S&P Global released on Wednesday.
The seasonally adjusted index rose to 59.8 in November, signalling a “historically sharp” expansion in output that was faster than in the previous month, according to the report.
“Employment growth remained modest with most companies reporting no change in payroll numbers. Meanwhile, India's composite PMI remained strong, though it softened slightly to 59.7 in November, reflecting a slowdown in growth of factory production,” said Pranjul Bhandari, Chief India Economist at HSBC.
What's Your Reaction?
Like
0
Dislike
0
Love
0
Funny
0
Angry
0
Sad
0
Wow
0
