Nikkei India Services PMI Hit Eight Month High In June

Nikkei India Services PMI reached an eighth month high in June, according to IHS Markit press statement. India services PMI expanded 0.9 points to reach 53.1 in June on a month-on-month basis. In May, the reading was 52.2.

The latest Nikkei India Services PMI data showed a solid, as well as, accelerated growth in output in the sector. Moreover, the headline measure averaged 51.8 for the first quarter of the fiscal year ending March 2018. This is the biggest quarterly number after the second quarter of the fiscal year 2016.

However, in contrast to Nikkei India Services PMI, manufacturing suffered growth momentum in June. This was because of the weak upturn in production in the third straight month after February. On the other hand, private sector could sustain the upward trend momentum. The seasonally adjusted Nikkei India Composite PMI Output Index expanded 0.2 points to 52.7 in June from 52.5.

“Business conditions in India’s service sector continued to improve in June as a solid and accelerated upturn in new work resulted in a faster increase in activity. Moreover, job creation was maintained at May’s 47-month record pace. Meanwhile, inflationary pressures gathered speed, with both input costs and output charges rising at quicker rates,” the official release added.

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