PMI Data: Service sector in India strengthened in September, PMI broke 13 year record
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PMI Data: On one hand, recession is going on all over the world. At the same time, a happy thing has come to light from India. Service sector of India ( Service Sector)’s activities, service PMI has broken a 13-year record in September due to strong demand. Along with this, the improvement in trade has also led to a flood of jobs. This claim was made in a monthly survey on Thursday. The seasonally adjusted S&P Global India Services PMI business activity index rose to 61 in September from 60.1 in August. In the language of Purchasing Managers’ Index (PMI), a score above 50 means expansion in activities and a score below 50 means contraction. The survey is based on responses to a questionnaire sent to about 400 companies in the services sector. New data shows a substantial increase in new business with Indian service providers, the second fastest growth since June 2010.
PMI output index increased to 61 in September
Pauliana de Lima, associate director of economics at S&P Global Market Intelligence, said the latest PMI results bring more positive news for India’s services economy. Business activity and the number of new businesses increased to the highest level in 13 years in September. The survey participants predicted healthy market dynamics and strong demand in the coming year. Meanwhile, the S&P Global India Composite PMI Output Index increased to 61 in September, which was 60.9 in August.
India’s manufacturing sector activity hits five-month low in September
However, two days ago it was reported in the PMI of the construction sector that manufacturing activities in India were at a five-month low in September. Weakness in new orders slowed output growth. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) fell to 57.5 in September from 58.6 in August. In September it remained at its lowest level in five months. PMI data for September, however, showed signs of improvement in overall operating conditions for the 27th consecutive month. In PMI language, an index above 50 means expansion, while an index below 50 indicates contraction. Pauliana de Lima, associate director of economics at S&P Global Market Intelligence, said India’s manufacturing industry showed mild signs of a slowdown in September. Mainly due to slow growth in new orders which slowed production growth. Nevertheless, both demand and production witnessed significant growth, he said. Companies gained new business in Asia, Europe, North America and the Middle East.
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