The final HSBC India Services Purchasing Managers' Index, compiled by S&P Global, rose to 55.2 in September from 54.1 in August. Although it came in below the preliminary estimate of 55.8, it was the fastest rate of expansion in three months, driven by strong demand in financial services, consumer services and digital services. However, overall quarterly growth remained the weakest in more than four years, because even though activity picked up in September, it was not enough to lift the third-quarter average out of its lowest level since the first quarter of 2022, after hiring slowed and export momentum weakened. The survey report said new orders expanded at their fastest pace since June, but growth in export orders slowed to an almost three-year low. Input cost inflation eased to a ten-month low, and only about 16% of companies expected business activity to expand next year. The recovery in services, together with growth in manufacturing, helped push India's final composite PMI up to a three-month high of 55.9 in September from 54.3 in August, even though the average for the whole quarter remained the weakest since January to March 2022.
HSBC Holdings PLC
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