India’s service activity lost steam in September


India’s service activity lost steam in September after touching a three year high last month, a private survey showed on Wednesday.

The Nikkei Services Purchasing Managers’ Index fell to 52.0 in September from 54.7 in August, but marked its 15th month in a row above the 50 level that separates growth from contraction.
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“Service sector performance in India continued to improve relatively modestly in September, a trend that has been evident throughout the year-to-date,” said Pollyanna De Lima, an economist at survey compiler Markit.
“With manufacturing also on a softer footing, growth of private sector output and new orders eased in the latest month.”
An index measuring new business slumped to 52.1 from 54.5 although the continued expansion pushed firms to increase headcount slightly.
Business optimism among Indian service providers fell in September, with the degree of confidence remaining below its long-run average. Challenging market conditions was frequently reported by panelists as a key factor weighing on sentiment.
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