Reuters: India's Services PMI Hits 10-Month High
Reuters, July 3rd - A survey released on Thursday showed that India's service sector growth in June hit a 10-month high, driven by a surge in demand and easing price pressures. The final HSBC India Services Purchasing Managers' Index (PMI) rose to 60.4 from 58.8 in May, slightly below the initial reading of 60.7 but still significantly above the 50 threshold. The new business sub-index, which measures demand, saw a strong increase, with domestic sales continuing to strengthen and export orders maintaining growth, supported by markets in Asia, the Middle East, and the United States. Employment in the industry continued to expand, although at a slower pace than the historical high in May. Input cost inflation fell to a 10-month low, with companies passing on some cost pressures, and output price increases slowed back to historical averages. Pranjul Bandyopadhyay, HSBC's Chief India Economist, said, "Strong service sector growth, ongoing hiring activities, and slowing input cost inflation are the main highlights." However, business sentiment index for the next year fell to a two-year low. Earlier that day, the June composite PMI rose to 61.0, marking the fastest growth in 14 months, with manufacturing and services showing a dual-engine drive.
Original article: https://www.toutiao.com/article/1836629661777930/
Statement: This article represents the views of the author alone.