Moderate growth in service sector PMI in February

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MUMBAI: After the manufacturing sector, February saw an increase in activity in the country's service sector. However, the Purchasing Managers' Index (PMI) of the service sector has remained moderately high compared to the manufacturing sector.

The services sector's PMI rose to 61.20 in February from 31.40 in January. A survey report released by IHS Markets stated that Omicron did not significantly affect service sector activity. The service sector PMI was at a six-month low in January as a result of the spread of Omicron and the regulations imposed by various states due to it.

PMI above 50 is said to be the development of the sector.

Service sector activity was expected to pick up sharply in February, given the relaxation of regulations by state governments, but no such increase was reported, the report said.

February's PMI has seen the second slowest growth since July last year. Inflationary pressures, raw material shortages and local elections slowed growth.

Raw material prices remained subdued in February, compared to January, despite higher costs due to rising prices of chemicals, energy, labor and metals. Raw material inflation hit a 10-year high in January. The burden of raw material inflation was passed on to consumers by service companies.

Last month saw a sharp rise in new trade despite a steady rise in prices. However, the volume of new orders received from abroad was lower after October 2021. As a result, employment in the service sector declined for the third consecutive month in February, the report said.

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