India private sector posts mild August rebound, HSBC PMI 54.6
India's private sector activity made a mild comeback in August after a rough July.
The HSBC India Composite PMI ticked up to 54.6, just above expectations but still not back to its usual highs.
While businesses did see more new orders, growth was slower than normal thanks to weaker market conditions and less customer demand.
Services hiring strengthens, manufacturing PMI falls
Most of the improvement came from the services sector, which boosted hiring to a 15-month high and pushed overall job growth to one of its best rates since last year.
On the flip side, manufacturing kept sliding. Its PMI dropped for the third month in a row and hit its lowest point since 2021.
Output and new orders grew at their weakest pace in five years, leading some factories to cut jobs for the first time in 2-1/2 years, even as input costs eased off slightly.