Services PMI climbs to 3-month high of 52.2 in October on stronger orders

Factory orders reach 4-month high as new businesses rise at second-highest pace in 2 years

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A spurt in new orders in October meant that growth in services sector activity reached a three-month high, showed the widely tracked Nikkei India Services Purchasing Managers’ Index (PMI). Services PMI for October climbed to 52.2, swinging up from 50.9 in September. The 50-point mark separates expansion from contraction.  In October, an accelerated upturn in new work became pronounced. It underpinned a quicker rise in activity and jobs, according to a report by IHS Markit, compiler of the PMI survey.  Factory orders, which have continued to climb for ...