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Thursday, August 13, 2020

‘Services sector remains under pressure, index down for fourth straight month’: IHS Markit survey

The IHS Markit India Services Business Activity Index was at 33.7 in June. This was up sharply from 12.6 in May, but below the neutral 50 mark for a fourth month running, signalling another fall in service sector output.

By: ENS Economic Bureau | Mumbai | Published: July 4, 2020 1:03:16 am
Services sector, IHS Markit survey, Indian economy, economy news, Indian express news Although the deterioration was weaker than in both April and May, owing to a stabilisation in output levels at some firms, the latest reduction was still stronger than any seen prior to the virus outbreak by a wide margin. (Rerpesentational)

The Indian service sector remained under intense strain during June as activity fell at another substantial month-on-month rate amid the ongoing economic disruption caused by COVID-19 pandemic, IHS Markit survey has said.

The IHS Markit India Services Business Activity Index was at 33.7 in June. This was up sharply from 12.6 in May, but below the neutral 50 mark for a fourth month running, signalling another fall in service sector output. A reading below 50 denotes contraction. Although the deterioration was weaker than in both April and May, owing to a stabilisation in output levels at some firms, the latest reduction was still stronger than any seen prior to the virus outbreak by a wide margin.

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