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  3. HSBC services PMI declines moderately to 53.0 in March

HSBC services PMI declines moderately to 53.0 in March

06 Apr 2015 Evaluate

In not so encouraging sign for the economy, growth in India's pivotal services industry lost some momentum in March as input prices rose at the fastest pace in nearly a year with HSBC Services Purchasing Managers' Index (PMI) easing to 53.0 in March from February's eight-month high of 53.9. However, March was eleventh straight month of expansion for the index as reading above 50 indicates growth.

Nevertheless the survey, providing signs of much of the weakness seen in 2014 being left behind suggested that India’s service sector ended the first three months of 2015 with a strong performance. The survey although suggested of slightly weaker pace of expansion than in the prior month was indicative of sustained new business growth. Further, output rose in four of the six broad areas of the service economy, the exceptions being financial intermediation and hotels & restaurants.

In yet another positive sign, the month witnessed an increase in the level of new business placed with Indian services companies. Although solid, the rate of expansion eased since the prior month.

Manufacturers, meanwhile, recorded a stronger increase in order book volumes. Also, the employment rose during March, which was an improvement from the broadly unchanged levels recorded in the prior month. In the manufacturing economy, staffing levels stabilized.

Worryingly, however, cost inflationary pressures in the private sector as a whole firmed up. The input prices faced by services firms rose further in March. The rate of cost inflation was solid and the strongest since June 2014 due to increased petrol and transport prices. Also, output charges were raised in response to higher costs.

Notably, despite the slow pace of expansion, service providers remained upbeat towards the prospects for business activity in 12 months’ time, with over 25% of survey members anticipating output growth over the course of the next year, citing strengthening demand conditions.

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