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India's Services Activity Accelerates in August, HSBC-S&P Survey Shows

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Services activity in India expanded in August, with the HSBC India Services Purchasing Managers' Index (PMI) rising to 54.5 from 53.3 in the previous month, according to preliminary data compiled by S&P Global and released on Friday.

The reading beat the consensus forecast of 53.8, tracked by Trading Economics. A reading above 50 indicates expansion in the sector, while a figure below signals a contraction.

The latest performance was supported by a modest re-acceleration in service-sector business activity and new work, which offset weaker manufacturing output.

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