October services PMI hits 4-month high, rises to 55.8 as demand improves
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓India’s services sector activity grew at its fastest pace in four months during October.
- ✓The HSBC India Services Purchasing Managers' Index rose to 55.8, up from 55.2 in September.
- ✓Strong domestic demand helped businesses, though Pranjul Bhandari said, "Employment growth also slowed to its weakest pace since June," reflecting cautious hiring.
Story at a Glance
- Category
- BUSINESS
- Reported By
- Financial Express
- Reading Speed
- 4 Minute(s)
- Market Focus
- India Economy
India's services sector activity expanded at its fastest pace in four months in October. The HSBC India Services Purchasing Managers' Index (PMI) Business Activity Index rose to 55.8 in October, from 55.2 in September.
Important to note, a reading above 50 indicates expansion, while a reading below 50 signals contraction.
Pranjul Bhandari, Chief India Economist at HSBC, said "Although overall demand remained fairly strong, new export orders recorded the slowest pace of expansion since February 2023."
"Employment growth also slowed to its weakest pace since June, suggesting that some service sector businesses have sufficient capacity to meet current staffing requirements. Meanwhile, input and output prices continued to rise, but at a slower pace than in the previous month, signalling some relief from inflation pressures," she added.
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