Latest news with #servicesgrowth
Khaleej Times
03-07-2025
- Business
- Khaleej Times
India services sector growth hits 10-month high as demand surges, PMI shows
India's services sector enjoyed its strongest growth in ten months in June, fuelled by robust demand and cooling price pressures, a survey showed on Thursday. The HSBC final India Services Purchasing Managers' Index (PMI), compiled by S&P Global, climbed to 60.4 in June from 58.8 in May, but was a touch lower than a preliminary estimate of 60.7. The PMI threshold of 50.0 separates growth in activity from contraction. The new business sub-index - a key gauge of demand - rose sharply as companies benefited from sustained strength in the domestic market. This came alongside robust growth in export orders even as the pace slowed slightly from May. Overseas demand was underpinned by improvement from the Asian, Middle Eastern and U.S. markets, according to panelists. The strong demand supported continued job creation although employment growth eased from the record-high touched in May. On the pricing front, input cost inflation across the sector cooled to a ten-month low in June with companies primarily citing higher staff wages as the main source of increased expenses. Service providers maintained enough pricing power to pass some of the cost burden to clients. Output price inflation eased from May and was in line with the historical average. However, the business outlook for the coming year weakened to its lowest level in more than two years. The HSBC India Composite PMI, which combines services and manufacturing activity, rose to 61.0 in June from 59.3, marking the fastest expansion in 14 months. The manufacturing PMI data released this week showed factory activity growth accelerated in June, complementing the robust services performance.
Reuters
03-07-2025
- Business
- Reuters
India services sector growth hits 10-month high as demand surges, PMI shows
BENGALURU, July 3 (Reuters) - India's services sector enjoyed its strongest growth in ten months in June, fuelled by robust demand and cooling price pressures, a survey showed on Thursday. The HSBC final India Services Purchasing Managers' Index (PMI) (INPMIS=ECI), opens new tab, compiled by S&P Global, climbed to 60.4 in June from 58.8 in May, but was a touch lower than a preliminary estimate of 60.7. The PMI threshold of 50.0 separates growth in activity from contraction. The new business sub-index - a key gauge of demand - rose sharply as companies benefited from sustained strength in the domestic market. This came alongside robust growth in export orders even as the pace slowed slightly from May. Overseas demand was underpinned by improvement from the Asian, Middle Eastern and U.S. markets, according to panelists. The strong demand supported continued job creation although employment growth eased from the record-high touched in May. On the pricing front, input cost inflation across the sector cooled to a ten-month low in June with companies primarily citing higher staff wages as the main source of increased expenses. Service providers maintained enough pricing power to pass some of the cost burden to clients. Output price inflation eased from May and was in line with the historical average. However, the business outlook for the coming year weakened to its lowest level in more than two years. The HSBC India Composite PMI, which combines services and manufacturing activity, rose to 61.0 in June from 59.3, marking the fastest expansion in 14 months. The manufacturing PMI data released this week showed factory activity growth accelerated in June, complementing the robust services performance.
Reuters
05-06-2025
- Business
- Reuters
Irish services sector expands faster in May but outlook remains unclear, PMI shows
DUBLIN, June 5 (Reuters) - Ireland's services sector expanded faster in May as a rebound in new business helped it buck a downturn for the euro zone as a whole, although concerns over global trade tensions weighed on future expectations, a survey showed on Thursday. The AIB Global S&P Purchasing Managers' Index (PMI) rose to 54.7 in May from 52.8 in April, comfortably above the 50 level that separates growth from contraction and the 49.7 for the euro zone as a whole that was the bloc's first decline in six months. Irish services firms have enjoyed more than four years of unbroken growth. Technology, media and telecoms led the way in May, followed by business and financial services. Transport, tourism and leisure declined for the third straight month. Despite the growth in activity, job creation slowed, marking the weakest pace since January. A decline in employment among struggling transport, tourism and leisure firms and slower hiring growth in financial services offset gains elsewhere. While cost pressures eased to an eight-month low, with input prices rising at a slower rate, service providers still increased charges at a stronger pace, driven by wage inflation. Firms remained optimistic about growth prospects but their confidence levels improved only slightly from April's post-pandemic low, reflecting ongoing uncertainty linked to international trade relations. Research co-authored by the Irish finance ministry found in March that Ireland's foreign multinational-focused economy faces a disproportionate hit from tariffs. The finance ministry last month downgraded its growth forecasts slightly for the domestic economy.
