After manufacturing, services index falls to 58.4 in November: HSBC survey

The manufacturing purchasing managers index fell to 56.5 in November, the lowest in 11 months, following which the services index for the month under review slipped marginally to 58.4, remaining in the expansion zone. Jobs were created at an impressive pace in November.

HSBC conducted a business survey for the services sector, with inputs from the industry’s purchasing managers. According to the survey, services sector growth dipped in November as new orders and output receded, while consistent demand led to a rise in business sentiment even as hiring surged.

The headline purchasing managers index (PMI), compiled by S&P Global for HSBC, printed in at 58.4 in November, marginally down from 58.5 in October but lower than a preliminary estimate of 59.2. The index has been above the neutral 50-mark that separates contraction from expansion for the 40th straight month.

“Survey participants remarked on demand strength and new business gains,” said the survey released on Wednesday. It noted that the industry continued to report improving international demand, with new export orders increasing at a rate that was the quickest in three months but below those seen around mid-year.