S&P Global said that the slowdown in services PMI was mainly owing to a slowdown in new orders as well as output across sectors
In October, there were faster increases in input costs and output charges, with rates of inflation outpacing their respective long-run averages
According to the survey, growth eased in October due to competitive pressures despite an increase in new orders
The hiring activity and business confidence slipped to a five-month low in October, said S&P Global
The non-manufacturing PMI also fell to 50.6 last from 51.7 in September, indicating a slowdown in activity in the vast service sector and construction
September's expansion in output was associated with effective marketing, favourable demand conditions and strong influxes of new business
Job creation in industry continues as firms continue getting new business, says S&P Global
The fall in PMI was primarily attributed to a softening in the number of new orders
"Services supply and demand grew at a slower pace in September, as market conditions improved less than expected," said Wang Zhe, senior economist at Caixin Insight Group.
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This marked a sustained expansion, with 26 months above the 50-mark separating growth from contraction, the longest stretch since March 2020 when pandemic-induced lockdowns were imposed
Manufacturers' output has increased continuously on a monthly basis since July 2021
According to S&P Global, the overall level of business confidence rose to a six-month high in June
Speculation about potential policy support has been mounting as the recovery for the world's second-largest economy loses traction
The companies the survey monitors reported that external demand for Indian services continued to improve in May, highlighted by a fourth successive rise in new export business
Manufacturers have 'abundant opportunities to keep powering ahead', says S&P Global survey
The survey results suggest India will continue to be one of the fastest-growing major economies despite slowing global growth that has undermined momentum across several other countries
S&P Global said its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, increased to 53.5 this month
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