India Pmi Composite

The HSBC India Composite PMI rose to 59.5 in November of 2024 from a final 59.1 in the previous month, flash data showed. It was the highest reading since August, surpassing its long-run average, with accelerated growth in the services sector and robust expansion in manufacturing. Total new orders expanded at the fastest pace since August and overseas demand remained resilient. Outstanding business hit its highest since May, prompting firms to increase recruitment. The rate of job creation quickened to the steepest since composite data began in December 2005, driven by rising workforce numbers in the service sector. Regarding prices, input costs rose the most since August 2023, due to rises in raw material prices, food costs, and wage bills. Output price inflation reached a near 12-year top, with strong demand enabling companies to pass on cost burdens to clients. Finally, sentiment notched a six-month high, supported by marketing efforts and new client inquiries.