FXStreet (Mumbai) – Markit/CIPS services PMI released today showed growth stabilised in December in the service sector. The index fell slightly to 55.5, from 55.9 in November. It however managed to remain just above the long-run survey trend level of 55.2, indicative of solid overall growth.
Total activity rose at a strong overall rate, supported by a sharp rise in new business. Growth was supported by a further strong increase in new business in December. Firms reported successful marketing campaigns. The pace of growth however was noted to have eased slightly since November.
Employment in this sector grew at the weakest pace in five months. The current sequence of employment growth in the service sector was extended to three years in December. However, the rate of job creation slowed to the weakest since July.
(Market News Provided by FXstreet)