empty
 
 

2020.08.0505:59:00UTC+00India's Service Sector Contracts Sharply Amid Pandemic

India's service sector contracted sharply in July as restrictions imposed to curb the coronavirus disease weighed on activity, survey results from IHS Markit showed Wednesday.

The IHS Markit services Purchasing Managers' Index rose moderately to 34.2 in July from 33.7 in June. However, a score below 50 indicates contraction.

Business activity and new work logged substantial reductions in July as lockdown restrictions stifled demand and forced companies to cease operations.

Subsequently, firms made further cuts to staff numbers, with the rate of job shedding the most marked on record.

Looking ahead, the 12-month outlook for output was negative for a third consecutive month, with fears of a substantial economic downturn common among survey respondents. The survey showed that the composite output index, which measures combined services and manufacturing output, dropped to 37.2 from 37.8 in June. The score indicates a quicker rate of contraction, albeit not as severe as those in April and May.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback