India's services economy expanded for the second consecutive month in November. Data released by the analytics firm IHS Markit showed the purchasing managers' index (PMI) for services expanded at 53.7 in November even as it fell from 54.1 in October. A figure above 50 indicates expansion. The Indian services economy remained on the right path to recovery during November, with a further upturn in new work supporting business activity growth and the first rise in employment for nine months.
Moreover, the overall level of positive sentiment climbed to the highest since February amid predictions that market conditions would normalize once a vaccine for the coronavirus disease 2019 (COVID-19) is rolled out. Meanwhile, rates of inflation for input costs and output charges accelerated, both of which outpacing their respective long-run averages.The Composite PMI Output Index was down to 56.3 in November from 58 in October. Indian private sector activity rose for the third straight month in November, but the pace of growth softened from October's near nine-year high. Rates of increase eased at manufacturers and service providers.
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