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Services PMI signals rise in activity
Why is it in news?
- As per a monthly survey, the recovery in the Indian services sector was sustained in November.
- New work orders supported business activity growth and the first rise in employment in nine months.
Details:
- The seasonally adjusted India Services Business Activity Index posted above the critical 50 mark.
- It indicates growth from contraction for the second month in a row.
- Despite easing to 53.7 in November, from 54.1 in October, the latest reading was still indicative of a solid pace of expansion.
- Services firms hired additional workers in November, ending eight months of job shedding.
- However, the rate of employment growth was marginal.
- On prices, the rates of inflation for input costs and output charges accelerated.