Services activity hits 3-month low in June

economictimes.indiatimes.com:

PMI Business Activity Index to 58.5 in June, compared with 61.2 in May. This is the second month of decline after services PMI had scaled a 13-year high of 62 in April. A value of over 50 denotes expansion. Despite the easing, growth prospects strengthened as firms expected demand conditions to improve. “Demand for Indian services continued to surge higher in June, with all four monitored subsectors registering quicker increases in new business inflows,” said Pollyanna De Lima, economics associate director at S&P Global Market Intelligence. The 400 service firms highlighted healthy demand and marketing initiatives as major contributors for the uptick in new business. The better outlook bodes well for the economy, as manufacturing is expected to ease owing to the global slowdown.

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“We expect the services sector to anchor domestic growth this fiscal year, as the manufacturing sector may come under some pressure owing to headwinds from a global growth slowdown,” said Rahul Bajoria, head of EM Asia (ex-China) economics, Barclays. Across the four sub-sectors monitored by S&P Global—consumer (excluding retail), transport, information, communication, finance, insurance, real estate and business services—consumer services registered the strongest increases in intakes of new work, business activity, employment and input costs, the release stated. The rate of job creation for the services industry as a whole was the