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Services sector activity hits 7-month low in Oct
Hindustan Times
|November 04, 2023
Services PMI declines to 58.4 in October from 13-year high of 61 the month before
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The services sector growth in India fell to a seven-month low in October on softer increase in output and new business, amid competitive conditions and price pressures, a monthly survey said on Friday.
The seasonally adjusted S&P Global India Services PMI Business Activity Index fell to 58.4 in October, from a 13-year high of 61 in September, signalling the slowest rate of expansion since March.
In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction.
The survey is compiled from responses to questionnaires sent to a panel of around 400 service sector companies.
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