Services PMI improves in January signaling a solid expansion in business activity

04 Feb 2015 Evaluate

Recovering from last month’s fall, the HSBC India Services PMI Business Activity Index-tracking changes in activity at Indian services companies on a month-by-month basis, came at 52.4 in January, up from 51.1 in December, signaling a solid expansion in business activity. It has been above 50 level since May 2014, which denotes growth.

The new business sub-index - which measures demand - climbed to 52.1 from 51.8. The survey also showed firms' confidence regarding future business grew at the fastest pace since June last year. Based on survey responses, the latest increase in activity reflected further growth of new business during the month. Among the monitored sub-sectors, activity rose quickest in ‘Other Services’, while the sharpest reduction occurred in Financial Intermediation. The composite output of the private sector, comprising both manufacturing and services, signaling further growth of private sector output in January, extended the current sequence of expansion to nine months to 53.3 from 52.9. Manufacturing output continued to rise faster than service sector activity at the start of 2015.

Volumes of work-in-hand at Indian service providers increased for the fourth month running in January, while input costs faced by Indian services firms rose for the second straight month in January, having fallen for the first time in more than five-and-a-half years in November. Similarly, private sector input costs increased at the quickest pace since August, contrasting with weaker cost pressures at goods producers. However, despite solid growth of activity and new business, payroll numbers in the Indian service sector rose only fractionally in January. Moreover, the rate of job creation was slower than the historical average. Staffing also increased marginally at goods producers and across the private sector overall.

The most important fact was that the Indian service providers were the most upbeat regarding the 12-month outlook for activity since mid-2014 in January. Private sector new business expanded for ninth straight month and Business sentiment led by anticipated improvements in demand and new commercial initiatives, rose to a seven- month high.

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