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India's August private sector activity edges higher as services rebound
The HSBC S&P Global composite PMI rose to 54.6 in August, with manufacturing weakening to a three-month low and exports slowing further.
India's private sector activity edged up in August from an over four-year low, with a rebound in services growth offsetting a weak factory expansion, according to a flash PMI survey published by S&P Global and compiled by HSBC, as reported by Reuters.
The headline India Composite Purchasing Managers' Index rose to 54.6 in August from July's 52-month low of 54.3, staying above the 50 level that separates growth from contraction but remaining below a recent average near 60.
New orders grew faster, but remained weak versus the long-term average, while export order growth slowed from July as firms cited challenging market conditions, competitive pressures, and lower customer requirements as constraints.
Services were the main driver, with the services PMI rising to 54.5 from 53.3, while manufacturing PMI fell for a third straight month to 52.9, the lowest since August 2021, and manufacturing employment declined for the first time in 2.5 years. Input cost pressures eased to a seven-month low, yet selling prices rose at the fastest pace since April.