By Anant Chandak
BENGALURU (Reuters) -India’s private sector growth remained strong in September but cooled from August’s multi-year high as softer demand tempered new orders and failed to translate into faster job creation, a survey showed on Tuesday.
HSBC’s flash India Composite Purchasing Managers’ Index (PMI), compiled by S&P Global, fell to 61.9 this month from a final reading of 63.2 in August and below a Reuters poll median forecast of 62.9.
However, it was the second-sharpest rate of expansion in just over two years and was comfortably above the 50-mark separating growth from contraction.
The moderation was seen across the economy, with both factory output and services growth cooling from last month. The flash manufacturing PMI dipped to 58.5 from 59.3, while the services busin