The services sector continued to remain in positive terrain for the eighth month in a row with
the June reading touching 54.3, though a tad down from 54.7 in May, as new orders picked up and hiring rose at the fastest pace in a year, according to a HSBC survey here today.
HSBC's services purchasing managers index (PMI), that maps the activity of around 400 firms, despite a 40 basis points dip, has kept above the 50 mark that signifies growth since November.
However, the HSBC India composite output index rose in June to 55.7 up from 55.3 in May, the fastest reading in four months, show the survey data.
Expansion reflects the rising output at both manufacturers and service providers, the survey said.
After adjusting for seasonal factors, the headline HSBC services business activity index is based on a single question asking respondents to report on the actual change in business activity at their companies compared to one month ago.
Moreover, business expectations remain positive at services companies. Optimism has been recorded in each month since the survey began in December 2005. Although the level of
optimism has dipped to the lowest since March, sentiment is still above the long-run series average.
Yesterday, data from the same bank had showed that the country's factories stepped up production and hired workers at the fastest rate in over two years in June, taking its manufacturing PMI to 55.0, which is a four-month high. This PMI has been in the green zone for the past three years.
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