HSBC's Composite Output Index for the Indian economy slightly improved month-on-month in October but remained below the 50-mark for the fourth month in a row.

The HSBC India Composite Output Index for October was recorded at 47.5, up from 46.1 in September. The HSBC India Services Business Activity Index jumped from four-&-a-half year low of 44.6 in September to 47.1 in October.

Both HDBC Composite Output Index and Services Business Activity Index for the Indian economy jumped on monthly basis, but they still contractions in the sectors. It may be noted here that a reading of above 50 represents growth, while a reading of below 50 stands for contraction in a sector.

M Rafeeque Ahmed, president of Federation of Indian Export Organizations (FIEO), said that services sector is reflective of the country's real economy and the HSBC figures indicate that the retardation in economic growth is impacting the services sector also.

The HSBC Emerging Markets index for services & manufacturing jumped from 50.7 in September to 51.7 in October, indicating further growth in emerging economies. Fifteen of the 18 emerging markets covered in the HSBC survey enjoyed month-on-month growth in output.

Pablo Goldberg, HSBC's head of emerging markets research, said, "We have a large number of the countries showing improvements. There is a better outlook for emerging market trading partners - China, the United States, the euro zone."

China's manufacturing output jumped for the third consecutive month in October, at the most rapid pace since April this year. Brazil's output jumped at the quickest pace since May, while Russia enjoyed its strongest output growth in a year in October.