India PMI Servicios

The HSBC India Services PMI was revised lower to 57.7 in September 2024 from 58.9 in the preliminary estimates, after a reading of 60.9 in August, marking the fastest growth in five months. This was the 38th consecutive month of growth in services activity, but at its slowest pace since January 2023, as total new business, international sales, and output all rose at the slowest rates since late 2023. Meanwhile, employment continued to rise, with recruitment of both full- and part-time workers. On the price front, input cost inflation accelerated due to higher electricity bills, food prices, and the cost of other materials, though inflation remained below its long-run average. Meanwhile, output cost inflation eased to its lowest level in over two-and-a-half years, amid strong competition. Finally, sentiment improved, supported by optimism around pending project approvals and anticipated efficiency gains.