Services PMI at 12-yr high of 59.4 in Feb on strong demand, easing prices

Strong demand, easing price pressures amid mild job creation drive index

The Purchasing Managers' Index (PMI) for the India's dominant services sector touched a 12-year high of 59.4 in February, as a survey by the credit rating agency S&P global, released on Friday, showed strong demand and easing of  price pressures amid mild job creation in the country. 

The index rose from 57.2 in January to 59.4 in February, its highest since February 2011. The headline figure has been in the expansion zone for the nineteenth consecutive month since August 2021

A print above 50 in the survey denotes expansion in the sector and below that suggests a contraction in services