India’s dominant services sector expanded at its slowest pace in 17 months in June as domestic demand weakened sharply and overall new business grew at its slowest rate in over two-and-a-half years.
Key Findings
HSBC’s India Services Purchasing Managers’ Index (PMI) fell to 57.4 last month from May’s 59.8. Readings above 50.0 indicate growth in activity. International demand offered a partial offset with new export orders growing at their fastest pace in three months.
With demand softening, headcount was barely increased and only around 1% of firms reported taking in additional staff – a marked retreat from strong job creation in April and May. Input cost inflation eased to a five-month low as the price of electricity, food, fuel and transportation rose at a softer pace.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
