India services PMI rises to 3-month high in Sept, quarterly growth weakest since Q1 2022
India's services industry expanded at its fastest pace in three months in September, with the HSBC India Services PMI rising to 55.2 from 54.1 in August. However, quarterly growth was the weakest since the first quarter of 2022, weighed down by softer hiring and export momentum.
BENGALURU, Oct 6 (Reuters) — India's dominant services industry expanded at its fastest pace in three months in September on stronger demand for financial, consumer and digital services, a survey showed on Tuesday, though quarterly growth was the weakest in more than four years. 8. 0 shows growth. September's improvement failed to prevent the July-September average from falling to its lowest since the quarter ended March 2022, painting a less upbeat picture as hiring softened and export momentum weakened.
New business - a key gauge of demand - increased at its quickest pace since June. But international demand was less buoyant with export order growth slowing to its weakest in nearly three years suggesting domestic customers provided a firmer foundation for September's acceleration. Employment growth eased from August. Input cost inflation was its lowest in 10 months while fees charged to customers rose at their slowest pace since June.
Business confidence improved to a three-month high but remained subdued historically. Only around 16% of firms expected activity to increase over the next year. 3. Still, its quarterly average was the weakest since January-March 2022, tempering the signs of recovery.
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