Services PMI rises to 3-month high in May to 53.6

05 Jun 2013 Evaluate

Pointing to a solid expansion in service sector output, the HSBC services Purchasing Managers’ Index (PMI), based on a survey of around 400 companies, came at 53.6 in May, up from 50.7 in April. Indian services activity, which make up nearly 60% of country’ economics output, expanded in May at its fastest pace since February as burgeoning new orders drove optimism to a five-month high.

Service sector activity picked up pace in May led by higher levels of new work placed at private sector firms in India. Service providers stated that demand was stronger and new products were launched. Unfinished business levels also rose in the service sector, albeit at a much slower pace. Further, services providers also mentioned of delayed payments from clients for the month.

According to the survey, new businesses poured in at a faster pace, which drove the business expectations index to 70.7, its highest since December, from 69.6 for April. However, it did not prompt firms to ramp up hiring as only slight rise in job creation was signaled in service sectors.

Similarly, the HSBC India Composite Output Index, which measures activity in both the manufacturing and services sector, posted 52.0, up from 50.5 in April, indicating increase in business activity since February, but a rate of growth that remained historically muted.

Further, May data signaled that the overall rate of cost inflation was the weakest since November 2009, while raw material cost for private sector firms rose during the period. Accordingly, private sector firms raised their selling prices to offset increased cost burdens while, the rate of charge inflation was modest and the weakest in 31 months.

Furthermore, firms operating in the Indian service sector remained optimistic towards output growth in the short-term. The level of positive sentiment was at a five-month high and services firms expect that better economic conditions combined with increased marketing and the introduction of new services will lead to higher customer numbers.

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