Services sector activity grows on strong demand in Nov, PMI rises to 52.7

The dominant sector of the economy had suffered two straight-months of contraction since September

Growth returned to the services sector as activity increased in November, following two-straight months of contraction, according to a global survey released on Wednesday.

The widely tracked Nikkei India Services Purchasing Managers Index (PMI) stood at 52.7 in November, up from 49.2 in October and 48.7 in September. In PMI parlance, the 50-mark threshold separates expansion from contraction.

Growth had peaked to a 43-month high of 54.7 in August.

This was in line with manufacturing activity which also rose to 51.2 in November after October’s two-year low, according to a similar survey for manufacturing released earlier this week. However, while manufacturing firms cut