India's service sector recorded stable growth in June, data from a survey by Market Economics and HSBC Bank showed Wednesday.
The purchasing managers' index for the service sector came in at 54.3 in June, indicating marked improvement in operating conditions. A PMI reading above 50 suggests expansion in the sector, while one below points to decline. The latest figure was, however, lower than the previous month's reading of 54.7.
New orders received by service sector firms increased at a steady pace during the month, extending the current expansionary period to three years and two months. Firms increased staffing levels at the strongest rate in one year, marking a four-month sequence of expansion.
Input prices faced by Indian services companies increased strongly in June. Output prices increased in each month since November 2010.
The composite output index, which measures performance of both the manufacturing sector and the service sector, moved up to 55.7 in June from 55.3 in the previous month, indicating the fastest growth in output in four months.
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