FX.co ★ India Services PMI Revised Downward

The HSBC India Services PMI was adjusted downward to 58.8 for May 2025, a decrease from the preliminary figure of 61.2. Nonetheless, this recent reading still surpasses April’s 58.7, indicating the most rapid expansion since February as both output and new orders continued to climb. International sales exhibited one of the most significant enhancements in global demand observed over the 19-and-a-half-year period of data collection. Employment figures also rose, with the rate of job creation reaching a peak in the survey's history, even as work backlogs decreased at a slower pace. Concerning pricing, input price inflation crept above the series average, marking the highest level since the beginning of the current year, influenced by increased prices of cooking oil, materials, and meat. Additionally, output price inflation accelerated to a six-month high as companies passed rising costs onto consumers. Business sentiment showed improvement from April's 23-month low, reflecting strengthening demand.