Added on : 2018-11-05 17:48:55
The country's services sector in October expanded at the quickest pace since July, driven by significant increase in new business orders, which in turn led to robust workforce expansion, a monthly survey said Monday. The seasonally adjusted Nikkei India Services Business Activity Index rose to 52.2 in October, from 50.9 in September. The services PMI was in the expansion territory for the fifth straight month. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction. According to panellists, improved order flows supported the pick-up in output amid favourable market conditions, greater client bases and fruitful advertising. On the job front, Indian service providers continued to add to their payrolls and the sector witnessed the second-strongest increase in employment since March 2011.
Meanwhile, the Nikkei India Composite PMI Output Index, that maps both the manufacturing as well as the services sector, improved from 51.6 in September to 53 in October; and highlighted the strongest expansion in private sector activity since July.