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Nikkei PMI

India Services PMI rise at slower pace in August

TOKYO -- The Nikkei India services Purchasing Managers' Index, or PMI, fell to 51.9 in August from July's 21-month high of 54.1, indicating slower rise.

A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction.

The slowdown was driven by the weakest growth in new work in 3 months, although business confidence rose to the highest level since May.

"Input cost inflation in the service sector accelerated to the sharpest since November 2017, fueled by higher oil-related prices," said Aashna Dodhia, economist at IHS Markit, which compiles the survey.

"The overall economy registered in expansion territory for the sixth consecutive month, marking the longest period of growth since a 16-month sequence ended in October 2016," Dodhia added.


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