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Financial News: India Services Activity Contracts For First Time In

India Services Activity Contracts For First Time In 13 Months

07/03/2019 - 02:43:00 (RTTNews)

(RTTNews) - India's services activity contracted in June for the first time since May 2018, driven by decline in new business and employment, survey results from IHS Markit showed on Wednesday.

The services Purchasing Managers' Index, or PMI, fell to 49.6 in June from 50.2 in May. Any reading below 50 indicates contraction in the sector.

New business grew at the slowest pace in nine months in June. Export sales rose for the fourth month in a row but the weakest in this sequence.

Backlog of work accumulation was moderate and the weakest in the year-to-date. Employment increased at the slowest pace in twenty-second month in June.

On the price front, input price inflation was below the average of the survey history and the prices were higher for cosmetics, fuel, gold, meat and vegetables. Output prices rose in June.

The level of positive business sentiment weakened to the lowest in four months in June.

The composite output index fell to 50.8 in June from 51.7 in May.

"The latest PMI results for India bring some concerns over the sustainability of the relatively robust growth rates seen at the start of the year, and the ability of companies to create jobs," Pollyanna de Lima, principal economist at IHS Markit, said.

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