Published: Fri, April 07, 2017
Health Care | By Kelly Miles

India services expansion at 5-month high in March

India services expansion at 5-month high in March

But services have not fallen below the 50 mark that separates growth from contraction since June 2012, when Ireland was halfway through a three-year global bailout. This helped underpin an improvement in business confidence regarding the growth outlook, with nearly half of the survey panel expecting a rise in business activity during the year ahead, against only 9% forecasting a decline.

"India's private sector economy stayed on an upward trajectory during March, benefiting from an upswing in demand and output", said Pollyanna De Lima, an economist at IHS Markit. This underscores a new and intense increase in activity in the sector.

"PMI data indicate faster growth of new business and output across the two monitored sectors, manufacturing and services".

This result showed that activity in the British services sector rebounded from five-month lows registered in the previous month. Britain's economy has probably slowed from its strong growth of late past year and a cooling jobs market and hefty price increases will become increasingly apparent as Brexit gets underway, according to a survey published today.

IHS Markit stated that improved client demand underpinned upbeat business expectations for the first time since December 2016.

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Higher workloads forced service providers to raise their workforce numbers in March. By comparison, work-in-hand at goods producers rose at the weakest pace in three months.

Markit's final PMI for manufacturing on Monday showed growth had accelerated at the strongest rate in almost six years in March.

"A second month of easing inflationary pressures supported the recent decision by monetary policy makers to reduce interest rates", said Jones.

"Most welcome for a region still suffering near-double-digit unemployment is a rise in the survey's employment index to its highest for nearly a decade, suggesting we should expect to see the jobless rate fall further in coming months", said Chris Williamson, IHS Markit's chief business economist. The UK manufacturing PMI unexpectedly fell to a four-month low of 54.2 in March, down from 54.6 in February, missing estimates of a rise to 55. "This is shown by firms' willingness to hire additional employees and reinforced by stronger confidence towards the 12-month outlook for output", Lima said.

"We don't expect the European Central Bank to act yet, they will keep their policy stance as a "wait-and-see" approach".

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