|
|
|
Services sector output growth further eases in Dec
|
|
|
|
Top Stories |
|
|
|
|
SME Times News Bureau | 06 Jan, 2021
India's services sector output growth further eased in December, but remained on on the recovery path.
The
IHS Markit India Services PMI data showed that both output and new
business rose for the third straight month in December but at a slower
pace than previous months. The data report cited that staff hiring came
to a halt due to liquidity concerns, labour shortages and subdued
demand, while business optimism faded.
Consequently, the
seasonally adjusted index reading remained above the critical 50-mark
that separates growth from contraction for the second month in a row
during November.
Despite falling from 53.7 (index reading) in
November to 52.3 in December, the latest figure pointed to the slowest
pace of expansion over the aforementioned sequence.
Companies
indicated that growth was supported by securing of new work, though
curbed by competitive pressures, and the Covid-19 pandemic.
"Global
Covid-19 restrictions, particularly travel bans, reportedly restricted
international demand for Indian services at the end of 2020. New export
business decreased sharply, but at the slowest pace since March," the
report said.
"Job shedding was resumed in December, with some
firms mentioning that liquidity problems, labour shortages and subdued
demand caused the latest fall in employment. The decline in payroll
numbers was the ninth in ten months, but marginal overall," it added.
Resultantly,
the Composite PMI Output Index fell from 56.3 in November to 54.9 in
December, with underlying data showing slower rates of expansion at both
manufacturers and service providers.
"Similarly, aggregate new
orders rose for the fourth month running but at the weakest rate since
September. Manufacturers and services companies saw weaker expansions,"
the report said.
"Private sector employment declined in December,
marking a ten-month sequence of contraction. The rate of reduction was
slight, but quickened from November," it added.
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|