FX.co ★ HSBC India Services PMI Sees Slight Decline in September 2024

The HSBC India Services Purchasing Managers' Index (PMI) experienced a slight dip in September 2024, revealing a shift from the previous month’s figures. Official data updated on 23rd September 2024, disclose that the index now stands at 58.9, reflecting a decline from August’s robust figure of 60.9.

Despite the decrease, the PMI remains in positive territory, continuing to suggest expansion in the services sector, albeit at a slower pace. The PMI, a vital economic indicator derived from monthly surveys of private sector companies, assesses the performance of businesses in the services sector, ranging from finance and hospitality to retail and transport.

Economists and market analysts are keeping a close watch on the trend, highlighting that while the dip to 58.9 signals a deceleration in growth, it still reflects resilience amidst global economic uncertainties. The data’s release underscores the importance of monitoring economic indicators to gauge the nuances of market movements and sectoral performance.