HSBC India Services PMI says firms optimistic and hiring up as input costs rise
The final HSBC India Services purchasing managers' index, compiled by S&P Global, fell to 60.2 last month from April's 60.8, confounding a preliminary reading for a rise to 61.4
The survey also noted that amid reports of higher labour and material costs, input prices across the private sector rose at the fastest pace in nine months
Robust demand was supported by new business in the services industry, which grew at the fastest pace since January, as well as rising manufacturing output and new orders
The Department of Commerce, that is in charge of international trade, mostly relies on the central bank's data for services trade data
The headline Purchasing Managers' Index (PMI) figure, released by HSBC, slid to 60.8 in April from 61.2 recorded in March
Favourable market conditions and buoyant demand pushed the new business sub-index to a three-month high, the third-highest in around 14 years
Caixin/S&P Global services purchasing managers' index (PMI) eased to 52.5 from a 52.7 in March, remaining in expansionary territory for the 16th straight month
Driven by robust demand in both manufacturing and service sectors, PMI in April climbed to 62.2 from March's final reading of 61.8
In the Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion, while a score below 50 denotes contraction
HSBC Flash India Composite PMI (Purchasing Managers' Index) Output Index rises to 61.3
HSBC's flash India Composite Purchasing Managers' Index (PMI), compiled by S&P Global, rose to 61.3 this month from February's final reading of 60.6
According to the HSBC India Services PMI, new business placed with Indian service providers increased at the fastest rate in six months during January
Food prices, which account for about half of the inflation basket, rose in November and remained elevated last month, largely led by vegetable prices and household staples
The survey also mentioned that services companies in India reported an increase in their expenses in October due to higher food, fuel, and staff costs
In October, there were faster increases in input costs and output charges, with rates of inflation outpacing their respective long-run averages
An official survey showed on Tuesday that services PMI dropped to 50.1 from 50.9 in September
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Combined with manufacturing, output prices across the private sector increased at the sharpest pace in over a decade