Services PMI at 1-yr low
Drop in new orders slow down S&P Global India Services Index to 1-yr low of 56.9 in Nov from 58.4 in Oct
Losing Momentum
- Services sector down in Q3
- It curbed recruitment to some extent
- Fall in new work intakes and output
- Rates of both input cost and output charge inflation slipped to 8-mth lows
New Delhi: The services sector growth in India fell to a one-year low in November on softer expansions in new work intakes and output, despite receding price pressures, a monthly survey said on Tuesday.
The seasonally adjusted S&P Global India Services Business Activity Index fell from 58.4 in October to a one-year low of 56.9 in November. Despite witnessing a month-on-month decline, the rate of expansion was stronger than its long-run average.