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January services PMI declines to 3-month low of 52.2 on weak demand growth

Yet firms increased staff levels at the fastest rate in three months, partly on expectations of increased business after the elections and possibly reflecting resilience in manufacturing activity

Indian Economy  |  Manufacturing Activity  |  Pmi Services

Reuters  |  Bengaluru 

Growth in India's dominant services sector weakened for a second month in January but firms accelerated hiring despite waning demand, a private survey showed on Tuesday. The Nikkei/IHS Markit Services Purchasing Managers' Index declined to a three-month low of 52.2 in January from 53.2 in December, but remained above the 50 mark separating growth from contraction for an eighth month. "There is some sign that growth may run out of steam, in the short-term at least, as seen by the weakest improvement in demand for four months and relatively subdued optimism," said ...

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First Published: Tue, February 05 2019. 10:33 IST