Services PMI dips for second month on rising expenses, domestic slowdown

It fell to 52.2 in Jan from 53.2 in Dec, but firms continued to hire

Rising expenses and a slowdown in new orders in the domestic market hit the widely tracked Nikkei India Services Purchasing Managers' Index (PMI) in January. This was the second straight month that the services PMI fell.

Firms, however, continued to hire, thanks to an accumulation of outstanding business.  

In January, the PMI stood at 52.2; in December, it was 53.2. The 50-point mark separates expansion from contraction. Growth projections were healthy and rise in expenses was slow for the first month of 2019.

New orders grew at their slowest in four months. But, the slowdown was in the domestic