Services PMI accelerates in Aug; job creation strongest in 14 years

Rebound due to gains in new business, improvements in demand, and overtime work: Survey

India’s services activity accelerated in August from a four-month low in July on the back of strong growth in new orders and upturn in business activity. The sector saw the strongest increase in job creation in over 14 years.

The Services Purchasing Managers’ Index (PMI) rose from 55.5 in July to 57.2 in August. A print above 50 denotes expansion, and a reading below that mark suggests contraction in services activity.

The rebound in growth was due to stronger gains in new business, ongoing improvements in demand, job creation, and overtime work, the survey by S&P Global noted.

“Indian services