India services PMI post an impressive performance in November

India's service economy posted yet another impressive performance in November. The HSBC PMI survey, conducted by S&P Global, also showed that ongoing improvements in sales added to firms' capacity pressures subsequently boosting job creation. Amid the hiring of permanent and temporary staff, employment growth reached a survey peak. The downside to this unprecedented upturn in job creation was an intensification of price pressures. Input costs rose to the greatest extent in 15 months, while selling prices increased at the fastest rate in close to 12 years. At 58.4 in November, down only fractionally from 58.5 in October, the seasonally adjusted HSBC India Services Business Activity Index ' based on a single question asking how the level of business activity compares with the situation the month before ' indicated a sharp rate of expansion that remained well above its trend. When explaining the upturn, survey participants remarked on demand strength and new business gains.

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