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Services sector activity up in August on gains in new business, jobs creation.

Date: 07-09-2022
Subject: Services sector activity up in August on gains in new business, jobs creation
India's services activity accelerated in August even as employment rose the sharpest in more than 14 years and optimism reached its greatest degree since May 2018, a private survey showed on Monday. The S&P Global India Services PMI Business Activity Index rose to 57.2 in August from a four-month low of 55.5 in July, highlighting a rebound in growth.

A reading above 50 indicates expansion, and one below that mark shows contraction.

As per the survey report, amid reports of favourable demand conditions and successful advertising, there was a further increase in new business placed with services firms during August.

"The pick-up in growth stemmed from a rebound in new business gains as firms continued to benefit from the lifting of Covid-19 restrictions and ongoing marketing efforts," said Pollyanna De Lima, economics associate director at S&P Global Market Intelligence.

There were quicker increases in new business and output in transport, information & communication, and finance & insurance.

Strong sales and upbeat growth projections made the rate of job creation pick up to the strongest in over 14 years.

The overall rate of inflation softened to an 11-month low.

"With demand showing considerable resilience, service providers maintained a degree of pricing power and lifted selling prices amid the transfer of cost increases to customers," De Lima said.

A sister survey last week showed that manufacturing PMI was 56.2 in August as against 56.4 in July. Taken together, the India Composite PMI Output Index rose to 58.2 from 56.6 in July, indicating a sharp pace of expansion.

"The services PMI moved up and ahead of the manufacturing PMI, establishing itself as the dominant driver of India's growth recovery, but tightening domestic financial conditions amid rising global headwinds present a challenge," said Rahul Bajoria, chief India economist of Barclays.

New work intakes increased at quicker rates in the manufacturing and service sectors, leading to the fastest upturn at the composite level for nine months, the S&P survey report showed.

Services companies expect output growth over the next 12 months, with sentiment rising to its highest level in over four years, according to the report. Optimism was centred on forecasts of ongoing improvements in demand and planned marketing.

Source Name:-Economic Times

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