For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Services PMI Softens To 52.4, Hiring Growth Slows

|

Though business optimism has inched higher to a one-year high, there has been again a weak growth reported for the services sector. For the August month, services activity PMI has slowed to 52.4 in comparison to a year high number for the July month at 53.8. The level above 50 indicates expansion as against contraction.

Services PMI Softens To 52.4, Hiring Growth Slows
 

Notably, manufacturing PMI also came in weak at a 15-month low. This takes the composite index to 52.6 in August from 53.9 earlier.

"The weaker PMI readings for India's service sector match the trend noted in the manufacturing industry, bringing unwelcome news of a cooling economy halfway through the second quarter of fiscal year 2019/20," said Pollyanna De Lima, principal economist at IHS Markit.

Also, a new business sub-index that reflects the demand in the services sector slowed to a 3-year high in July of 53.9 versus 51 in the last month, highlighting slow hiring as well.

Further, the demand weakened even as the input price inflation has decreased but the companies have been increasing their price at the fastest rate since 2018.

GoodReturns.in

Read more about: services pmi hiring
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
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