Services PMI shows recovery at 48.5 in April 2014

06 May 2014 Evaluate

Showing some signs of recovery, the activity in Indian services sector, which make up nearly 60% of country’ economics output, moved up slightly in the month of April, amid challenging economic conditions. The HSBC services Purchasing Managers’ Index (PMI), based on the survey of around 350 private service sector companies, rose to 48.5 in April from 47.5 in the previous month. However the reading remained below 50 mark for the tenth successive month that separates growth from contraction. The survey highlighted that the factors like prevailing economic slowdown coupled with political uncertainty and a further drop in new orders had all contributed to the latest fall in business activity. Though, the rate of contraction was weak, as compared to the previous month.

The survey further highlighted that among six monitored sub-sectors, two services categories including Financial Intermediation and Transport & Storage reported lower output. The overall business activities too improved as the HSBC India Composite Output Index, which measures activity in both the manufacturing and services sector, rose from 48.9 in March to 49.5 in the reported month. Services firms recorded lower new business orders, however the rate of contraction was modest overall. Amid evidence of lower new business inflows, services firms also hired less staff which also ended the four-month sequence of job creation. Owing to delayed payments from clients, unfinished business in the Indian service sector rose for the second successive month in April.

Further, services providers reported higher input price in April mainly on account of high prices of food fuel, packaging materials and paper, however the rate of inflation was weaker than the series long-run average. Accordingly, in order to protect margins amid increased cost burdens, services firms increased output prices with fastest pace in five month, suggesting consumer price inflation could rise further. Indian services companies also maintained their positive outlook for output growth over the next 12 months on the back of supportive factors such as planned increases in marketing budgets, the launch of new services and forecasts of stronger demand.

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Services PMI shows recovery at 48.5 in April 2014

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