US jobs boost, Indian services sector growth, and other economics stories to read this week

Job openings in the US rose unexpectedly in August, driven by increasing demand for staff in the professional and business services sector. The number of open positions, a measure of labour demand, rose by 690,000 to 9.61 million - the biggest jump in two years.

The increase means a higher likelihood of further interest rate rises, economists have said. "The reversal reinforces the case for a November Fed hike," said Jonathan Millar, a senior economist at Barclays in New York.

Small businesses, those with less than 10 employers, were responsible for the bulk of the rise, with large corporations showing more modest increases.

New survey data shows that growth in India's services industry accelerated further in September, as demand continued to strengthen. S&P Global's India services purchasing managers' index found that businesses were more optimistic than they have been in over nine years.

The index increased to 61.0 in September, up from 60.1 in August. The 50-mark separates growth from contraction. The monthly figure has now been above 50 for more than two years.

"The latest PMI results brought more positive news for India's service economy, with September seeing business activity and new work intakes rising to one of the greatest extents in over 13 years," noted Pollyanna De Lima, economics associate director at S&P Global.

Alongside the positive business sentiment, job creation also remained strong. Firms have now continued to hire for 16 consecutive months.

Eurozone retail sales fell further than expected in August, new Eurostat data has shown. Sales fell 1.2% month-on-month and 21% year-on-year. A Reuters poll had predicted falls of 0.3% and 1.2% respectively.

It comes as factory activity in the Eurozone remained in contraction during September. Demand continues to shrink at rates rarely seen since data was first collected in 1997, reports Reuters. The Eurozone economy likely shrank last quarter, a survey suggests.

The Indian Finance Secretary T V Somanathan has told Reuters that retail inflation in the country is likely to ease by December.

Australia's central bank has held interest rates steady for a fourth consecutive month.

Sri Lanka's central bank has cut interest rates, reducing its standing deposit facility rate and the standing lending facility rate to 10% and 11% respectively - a reduction of 100 basis points on each.

Consumer inflation in South Korea increased for the second month in a row in September, standing 3.7% higher year-on-year. Inflation stood at 3.4% in August.

Rice inflation has helped push overall inflation in the Philippines higher than expected in September. Rice prices were 17.9% higher year-on-year, compared to 8.7% in August.

Real wages in Japan declined for the 17th month in a row in August, according to new government data.

German industrial orders in August rose 3.9% on the previous month, beating expectations of a Reuters poll. Increases in the manufacture of computer, electronic and optical products helped boost figures.

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