January Services PMI Accelerates To 52.8; Firms Continue To Shed Jobs

India's services sector PMI reaches 52.8 in January on consumer optimism

India's services sector activity accelerated in January month owing to improvement in demand and consumer optimism driven by the roll out of the huge Covid 19 vaccinative drive, a private survey revealed on Wednesday.

The Nikkei/IHS Markit Services Purchasing Managers' Index rose to 52.8 in January from 52.3 in December, staying above the 50-level mark separating growth from contraction for the fourth straight month. Still, the headline figure remained below its long-run average of 53.3 and was consistent with a moderate pace of growth.

The data comes a couple of days after finance minister Nirmala Sitharman presented a growth-oriented budget for 2021-22 with a focus on increased spending to rescue the economy from the impact of the pandemic. The economic survey has estimated economic growth at 11 per cent for FY22.

January data indicated a strong rise in new orders and the increase was often attributed to greater demand from new and existing clients.

A closely watched survey of business confidence showed that despite activity dropping in January at the fastest rate since May 2020 firms are still looking forward to the future.

Mourinho hopes heart-to-heart with injured Alli does the trick
Villas-Boas' outburst follows the deadline day signing from Celtic of Olivier Ntcham, a move the Portuguese manager was against. Villas-Boas added he was also informed very late of the departure on loan to Hertha Berlin of Serbian winger Nemanja Radonjić.

Samuel Tombs, chief United Kingdom economist at Pantheon Macroeconomics, said: "Their optimism is warranted, given that the UK's vaccination programme is proceeding speedily, and emerging research suggests that AstraZeneca's vaccine remains effective even when the second dose is delayed to 12 weeks, and helps to prevent onward transmission".

Tim Moore, economics director at IHS Markit, which compiles the survey, said: 'Positive news on the United Kingdom vaccine rollout pushed up business optimism to its strongest since May 2014 and this improvement contrasted with a decline in confidence reported by service providers in the euro area during January. Purchase prices and output charges increased in January.

"The main area of concern is the extent to which costs are rising across the services economy, with the rate of inflation remaining above trend despite easing from December", Lima said.

But amid hopes the vaccines being rolled out would allow for some return to normality, overall optimism about the year ahead remained resilient.

Related News:



Most liked

Apple investing $3.6 billion in Kia for Apple auto production, report says
Apple is investing 4 trillion won ($3.6 billion) in Kia Motors in a collaboration to built an electric auto . That certainly fits with a planned 2025 launch.

Apple Announces macOS Big Sur Update, Fixes Bluetooth and External Display Issues
There will also be a new Web Speech API for developers so that they can incorporate speech recognition into their web pages. The update also addresses the problem that might cause Apple ProRAW photo edits in the Photos app to remain unsaved.

S&P: Budget broad effort to shore up economic recovery
She added that the expenditure further increased once the health situation stabilised as the government spent to boost demand. According to her, the fiscal deficit in Budgetary Estimates for 2021-2022 is estimated to be 6.8 percent of the GDP .

China's Top Diplomat Warns Biden Not to Touch Internal Affairs
State Department spokesman Ned Price speaks at his first daily press briefing at the State Department in Washington, U.S.

Twitter blocks access to dozens of Indian accounts after 'genocide' posts
A Twitter spokesperson previously said that many countries have laws that may apply to Tweets and/or Twitter account content. It blocked broadband internet in Kashmir for several months after cancelling the disputed region's semi-autonomy in 2019.

Tony DeAngelo has played his last game for the Rangers
Coach David Quinn declined to say whether the move to waive DeAngelo was exclusively performance-related. This is the decision that the organization has deemed the best at this point.

Nokia 5.4 may be launched in India this month
Considering this, the Nokia 3 .4 will pack a 6.39-inch HD+ display with 1600 X 720 pixels resolution and 19:5:9 aspect ratio. As far as its specifications are concerned, the Nokia 1 .4 features a punch-hole cut-out display with a thick bottom bezel.

Biden Won't Accept Scaled-Down Covid Aid Package: White House
The New York Times said Biden aides had indicated the income-based eligibility for the direct payments was up for negotiation. The president spent almost two hours on Monday discussing his $1.9 trillion COVID-19 plan with 10 Republican senators.

Apex Legends launches on Nintendo Switch March 9th
It will support cross-platform play, the latest seasonal content, and full feature parity with the other versions of the game. There have been many mysteries, rumors, and delays out there about when Apex Legends would finally be ported Nintendo Switch.

Russian opposition leader Navalny sentenced to 2.5 years in prison
Western powers have meanwhile called on Russian Federation to free Navalny, with some threatening fresh sanctions. With time already spent in detention he will spend another two years and eight months behind bars.

Conor McGregor is 3-3 in his last six bouts
Justin Gaethje thinks the UFC dropped the ball in how it's handled business at the very top of the lightweight division. Look at what I did to Tony Ferguson . "Look at what Tony Ferguson did to all of the other fighters before me".

Jeff Bezos to resign as Amazon chief executive
The shift will saddle Jassy with some of the responsibilities that Bezos clearly didn't enjoy. That makes it hard to untangle the market's response to its busy set of announcements.

Google revenues increase while cloud unit books losses
The revenue from YouTube in Q4 2020 was $6.9 billion. Analysts were looking for a slower top-line growth. Google continues to are likely to its Money Tree.

USA reports over 470 cases of coronavirus variants
Meanwhile, a snowstorm Monday forced the closing of many vaccination sites in the Northeast, including in New York City and CT . After a gradual begin, the vaccination marketing campaign that began in mid-December is gathering momentum.

Apple Just Solved the Worst Thing About Using an iPhone
Nevertheless, irrespective of the choice that users make on Facebook's prompt, Apple's prompt selection remains the final choice. The move comes as Apple prepares to roll out a privacy update that will force developers to ask users' permission to track them.