Overview
- The services PMI slipped to 58.9 in October from 60.9 in September, the slowest expansion since May yet still comfortably above the 50 expansion threshold and the long-run average of 54.3.
- HSBC cited heavy rains in parts of the country and rising competitive pressures as the main drags on service activity.
- Manufacturing strengthened to 59.2 from 57.7, lifting factory momentum even as overall growth eased.
- The composite PMI, combining manufacturing and services, eased to 60.4 from 61.0, marking the softest increase since May.
- External demand for services rose at the slowest pace since March, firms added staff only slightly, and business confidence remained positive but dipped to a three-month low.