For Quick Alerts
For Daily Alerts

July Services PMI Expands At 53.8; Hiring Also Increases Most In 8 Years


Services activity or PMI purchasing managers' index jumped in the month of July on the back of an increase in international demand. This has been the fastest surge in services activity in a year's time.

In July, Services PMI came in at 53.8, a massive jump in comparison to June's data of 49.6. A level above 50 mark separates expansion from contraction.

July Services PMI Expands At 53.8; Hiring Also Increases Most In 8 Years


"India's service economy showed renewed vigor in July as businesses and households welcome the recent government budget announcement," Pollyanna De Lima, principal economist at IHS Markit, said.

"Encouragingly, service providers reported a widespread improvement in demand, from the public and private sectors as well as domestic and international markets."

A measure that tracks total demand reflected an increase in new order at is fastest pace in 3 years.

It is on the back of gains in business optimism which also led to an increase in hiring at its fastest pace since March 2011.

Read more about: pmi services pmi hiring
Story first published: Monday, August 5, 2019, 11:31 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more