• UGI USER
  • Apr 05, 2024
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MARCH’S PMI SURVEY INDICATES STRONGEST SERVICE ACTIVITY GROWTH SINCE 2010.

Why in the news?
Services PMI survey signals the strongest growth in activity since 2010, indicating a robust expansion in the service sector.

source:magzter

Highlights of the Surge in Services:

  • HSBC’s March survey indicates that sales and business activity in the services sector experienced the quickest expansion in over 13 and a half years.
  • The Services PMI reading rose to 61.2 from February’s 60.6, showcasing robust growth.
  • Despite some sectors like real estate and business services experiencing challenges, overall input costs and output charges surged, especially in consumer services and finance and insurance.
What is Purchasing Managers Index (PMI) ?

  • Purchasing Managers Index (PMI) measures changes in key business variables monthly.
  • It informs decision-makers, analysts, and investors about current and future business conditions.
  • PMI ranges from 0 to 100, with above 50 indicating expansion.
  • Compiled by IHS Markit, it’s released monthly and serves as a leading indicator of economic activity.

About HSBC :

  • HSBC, or Hongkong and Shanghai Banking Corporation, is a major global banking and financial services institution.
  • Established in 1865, it operates in over 60 countries and territories worldwide.
  • HSBC offers various banking services including retail, commercial, investment, and wealth management.
  • The bank serves millions of customers globally and is headquartered in London, United Kingdom.

Source: https://timesofindia.indiatimes.com/business/india-business/services-pmi-grows-fastest-in-over-13-yrs-in-march/articleshow/109047433.cms#:~:text=The%20rate%20of%20growth%20was,from%20domestic%20and%20international%20sources.