Service sector declined in October, PMI reached lowest level in 8 months
SP Global India Services PMI October 2023: Last month in October, the boom in the service sector stopped. PMI Business Activity Index stood at 55.5 in October. Whereas in September this figure was 57.5. The PMI index reached its lowest level in 8 months in October. Let us tell you that PMI data above 50 shows that the service sector is growing.
Manufacturing activity in India slowed in October as new orders grew at the slowest pace in a year, a monthly survey said, slowing growth in output and employment. The S&P Global India Manufacturing Purchasing Managers' Index (PMI) fell to 55.5 in October from 57.5 in September, the slowest rate of expansion since February.
October PMI data pointed to improving operating conditions for the 28th consecutive month. In PMI language, a print above 50 means expansion, while a score below 50 indicates contraction.
"The survey's new orders index slipped to a one-year low as some companies raised concerns about the current demand picture for their products," said Pollyanna de Lima, economics associate director at S&P Global Market Intelligence. There were substantial, if slow, increases in new orders, production, exports, purchasing levels, and purchasing stocks. Hiring activity faded and business confidence fell to a five-month low. We saw broadly stable inflationary forces in the manufacturing industry. "It appears that the modest increase in input costs has been directly passed on to customers."
.jpg)
