Services PMI falls to 3-month low at 47.5 in March 2014

03 Apr 2014 Evaluate

Contradicting indications of rebound in domestic economic growth, the activity in Indian services sector contracted in March on account of fall in new orders amid fragile economy. The HSBC services Purchasing Managers’ Index (PMI), based on the survey of around 350 private service sector companies, fell to a three-month low of 47.5 in March from 48.8 in February below 50 mark for the ninth successive month that separates growth from contraction.

The HSBC survey highlighted that the activity of Indian services firms declined in the reported month owing to softer domestic demand and prevailing economic instability across the country. New business fell at a faster pace as the sub-index, measuring new orders, declined to 47.6 in March from February's 49.5. The rate of contraction was quickest in three months and services provided highlighted that weaker client demand partly linked to the forthcoming elections, which led to the drop in new work intakes. Indicating contraction in business activity overall, the HSBC India Composite Output Index, which measures activity in both the manufacturing and services sector, declined from 50.3 in February to 48.9 in the month of March.

The survey further indicated that three out of the six monitored sub-sectors registered lower new orders, namely Financial Intermediation, Renting & Business Activities and Transport & Storage. Services firms indicated that the accumulation of work during March has increased due to the cashflow difficulties and delayed payments from clients. However, the inflation pressure has softened during the reported month with both input costs and output prices rising at weaker rates, suggesting some moderation in consumer price inflation in coming months. Services firms hired more staff amid expectation of higher levels of new work in coming months. Indian services companies also maintained their positive outlook for output growth over the coming year on the back of supportive factors such as improved economic conditions and new marketing initiatives. Referring to Indian economy outlook, the survey noted that Indian economic growth is expected to remain subdued in coming months but pick up gradually during the second half of 2014.

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Services PMI falls to 3-month low at 47.5 in March 2014

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