India services PMI at 53.7 in November, jobs up for the first time in 9 months

India’s services economy widened for the second successive month in November even after losing some impetus, with a further uptick in new work supporting business activity growth and the first rise in jobs for nine months.

As per Data released by the analytics firm IHS Markit pointed out the purchasing managers’ index (PMI) for services expanded at 53.7 in November even as it declined from 54.1 in October. A figure above 50 shows expansion, while sub-50 signals contraction.

IHS Markit stated that new business inflows likewise expanded for the second consecutive month and steadily, in spite of growth easing from October. According to survey participants, the increase in sales stemmed from a pick-up in demand, marketing efforts, and the loosening of COVID-19 controls.

Data released by the analytics firm on Tuesday showed PMI manufacturing declined to a three-month low at 56.3 from an over 12-year high of 58.9 in October but remained strong.

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