India’s services sector activities slumps into contraction territory in May: PMI
The Hindu
International demand for Indian services also worsened, with new export business falling at the quickest rate in six months
India’s services sector activities slumped into contraction territory for the first time in eight months, amid renewed decline in new work intakes due to the escalation of the pandemic and the reintroduction of restrictions, a monthly survey said on June 3. The seasonally adjusted India Services Business Activity Index fell to 46.4 in May, down from 54.0 in April, as the intensification of the COVID-19 crisis caused renewed declines in new business and output. In PMI parlance, a print above 50 means expansion while a score below 50 denotes contraction.
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