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Services sector buoyant in November, overseas orders rise
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Print Services sector buoyant in November, overseas orders rise first time since COVID-19 onset
As per the S&P Global India Services Purchase Managers’ Index (PMI), India’s services sector continued their rebound in November – recording the fastest output growth in three months, with new orders accruing at the highest pace since August. PMI rose to 56.4 in November from 55.1 the previous month.
A reading of 50 indicates no change in business activity levels.
However, inputs costs’ burden on service providers remained buoyant, rising at the second-fastest rate since July 2022. This compelled service providers to raise charges to consumers at the steepest rate in 64 months or little under five-and-half years.
Importantly, new business from overseas registered their first uptick this November since the onset of the COVID-19 in early 2020, notwithstanding the overall of expansion in new orders for services firms was mild.
The sustained expansion in new orders and demand buoyancy, along with sharp improvement in business confidence levels, bolstered job creation in the service economy. New employment rose at a ‘solid pace that was among the quickest in over three years’.
Pollyanna De Lima, economics associate director at the S&P Global Market Intelligence, inferred that while the inflation is somewhat concerning, strong demand for services again boosted firms’ pricing power, with more companies transferring cost increases to their customers.
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