Nikkei Services PMI improves to 51.8 in August

03 Sep 2015 Evaluate

Services sector activities improved further in August as new orders received by private firms increased at the fastest rate in five months. The seasonally adjusted Nikkei Services Business Activity Index rose from 50.8 in July to 51.8 in August. As per the survey response, services activity growth was recorded in three of the six monitored categories, namely, Hotels & Restaurants, Post & Telecommunication and ‘Other Services.’

Even though the manufacturing production softened in August, the seasonally adjusted Nikkei India Composite PMI Output Index rose to a five-month high of 52.6 in August from 52.0 in July, mainly due to a quicker expansion of services activity. While manufacturing new work rose at a weaker pace than in July, growth outpaced that seen at their services counterparts.

While increase in activity and new business across the sector accelerated in August, moderations in growth rates were noted at goods producers. New business improvement was led by higher demand coupled with capacity improvements and increased marketing.

Indian services companies indicated that backlogs of work decreased in August, reflecting a general lack of pressure on capacity and efficiency improvements. However, input prices faced by Indian services firms rose for the ninth month running in August. Further increases in costs led services firms to raise their selling prices again in August. Despite accelerating since July, the rate of charge inflation was only marginal and below the series long-run average.Having eased to the weakest in this sequence, the rate of inflation was marginal overall.

Although, Indian services companies remained optimistic that business activity will increase over the course of the next year, with positivity linked to forecasts of demand growth, but the Business Expectations Index dipped to a survey low, also the situation of the labour market remained a concern, as both manufacturers and service providers left payroll numbers unchanged in August.

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