India's private sector records best month since June, PMI 56.7
India's private sector just had its best month since June, according to new PMI data.
The HSBC Flash Composite PMI Output Index jumped to 56.7 in October, up from 55.9 last month, meaning business is growing fast, thanks to more new orders and easing inflation.
(Anything above 50 means things are expanding.)
Services PMI 56.2, manufacturing output 57.6
Both services and manufacturing played a part: services PMI reached 56.2, while manufacturing output remained flat at 57.6 as demand picked up from places like the US the UK the Middle East, and Bangladesh.
Input costs for businesses reached their lowest in almost a year, which kept price hikes minimal and backlogs of work decreased.
Job growth was pretty flat though: manufacturing saw a slight uptick but service sector hiring paused after steady gains earlier this year.