India Services PMI At 59.0 In January

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Markit Economics reported on Wednesday that the India HSBC services purchasing managers' index stood at a seasonally adjusted 59.0 in January. A reading above 50 indicates expansion, while one below suggests contraction. This marks the highest level in the services PMI since September 2008.

Levels of new business received by Indian service providers increased for the ninth month running. Panelists cited better economic conditions, successful marketing activities and strong reputation for quality for the latest increase in incoming work. Employment levels in the services sector increased for the tenth month and at a slightly faster pace than the previous month.

Input costs faced by service providers increased for the tenth successive month, while output charges were increased to pass on part of their greater cost burdens to customers.

Meanwhile, the HSBC composite output index, which is a weighted average of the manufacturing output index and the services business activity index, reached a 16-month peak in January, underlining the strength of India's private sector.

Markit Economics reported on Wednesday that the India HSBC services purchasing managers' index stood at a seasonally adjusted 59.0 in January. A reading above 50 indicates expansion, while one below suggests contraction. This marks the highest level in the services PMI since September 2008. (Market News Provided by RTTNews)