PMI: India's services activity touches an eleven-year high of 59.2 in June
- IBEF
- July 6, 2022
In June 2022, India's services industry grew more quickly than it had in the previous eleven years. The seasonally adjusted S&P Global India Services PMI Business Activity Index increased from 58.9 in May to 59.2 in June, reaching its highest level since April 2011.
The June figures indicated that Indian service companies' output and new business growth would continue to accelerate under persistently improving demand conditions. Although businesses anticipate that the recovery will last for the next 12 months, their confidence was tempered by worries about price pressure. While charge inflation reached a nearly five-year high, input costs continued to rise at a historically high rate, albeit one that was the slowest in three months.
The production of the services sector increased for the eleventh consecutive month.
In June, some businesses added workers in response to capacity constraints, but the vast majority (94%) maintained payroll levels at the same level. Overall, services employment rose marginally, following a decline in May.
The S&P Global India Composite PMI Output Index, which measures the output of both manufacturing and services, was 58.2 in June, compared to 58.3 in May.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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