India's November services PMI eases sequentially

The IHS Markit India Services PMI revealed on Friday that India's November services output remained in expansion mode, owing to strengthening demand conditions and the diminishing impact of Covid 2.0. During the month under review, however, the PMI eased sequentially.

The seasonally adjusted India Services Business Activity Index remained over the 50-point mark. The PMI scale runs from 0 to 100, with a number of more than 50 indicating an overall improvement over the previous month. The November index reading was 58.1, down from 58.4 in October. "The Indian service sector continued to thrive in November, with a significant upturn in new orders backing output growth," according to the PMI report.

"Although corporations anticipate increasing commercial activity volumes in the coming year, price pressures are projected to limit the expansion." According to the PMI data, the uptick reflected continuous gains in new work as well as ongoing improvements in market conditions.

The Composite PMI Output Index increased to 59.2 in November from 58.7 in October, the highest level since January 2012, as solid improvements in activity were noted in the manufacturing and service sectors, with the former leading the way.

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