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Sunday, July 25, 2021

‘Services PMI cracks fastest since last July on Covid restrictions’

A reading below 50 indicates contraction in the segment. The latest reading pointed to the fastest rate of reduction since July 2020. “New work intakes and output contracted at the fastest rates since July 2020, which prompted companies to reduce employment again,” IHS Markit said.

By: ENS Economic Bureau | Mumbai |
Updated: July 5, 2021 11:37:55 pm
india june 2021 services pmiIn Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion, while a score below 50 denotes contraction. (Representative image)

Services sector continued to be under pressure as firms endured further losses of new business with the emergence of the pandemic and the reintroduction of containment measures restricting demand. Latest data from research firm IHS Markit showed that India’s services Purchasing Managers’ Index (PMI) fell to 41.2 in June 2021 from 46.4 in May.

A reading below 50 indicates contraction in the segment. The latest reading pointed to the fastest rate of reduction since July 2020. “New work intakes and output contracted at the fastest rates since July 2020, which prompted companies to reduce employment again,” IHS Markit said.

“Monitored companies commonly indicated that the intensification of the COVID-19 crisis and tight restrictions curbed demand for services” it said.

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