Activity in India's service sector increased at a slower pace in April, data released by Markit Economics and HSBC Bank showed Monday.
The seasonally adjusted purchasing managers' index for the service sector dropped to 50.7 in April from 51.4 in March. An index reading above 50 indicates expansion, while one below suggests decline.The latest growth rate was the slowest in the current one-and-a-half year expansionary period. New business received by service sector firms increased at a slower rate in April, owing mainly to extreme weather and challenging market conditions. In line with the slump in new orders, the growth in employment eased during the month. Input prices in the sector increased at a slower rate.
Firms operating in the service sector remained optimistic towards output growth in the short-term, and the degree of positive sentiment remained strong.
At the same time, the composite output index, which measures performance of both the service sector and the manufacturing sector, decreased to 50.5 in April from 51.4 in March. The latest reading marked the slowest growth in eighteen months, data showed.
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