India's Services Activity Slows in July, HSBC-S&P Survey Shows
MT Newswires Live
Aug 05
Services activity in India expanded in July, with the HSBC India Services Purchasing Managers' Index (PMI) falling to 53.3 from 57.4 in the previous month, according to data compiled by S&P Global and released Wednesday.
The reading beat the consensus forecast of 53.1 tracked by Investing.com. A reading above 50 indicates expansion in the sector, while a figure below signals a contraction.
The latest performance was driven primarily by slower business activity, with a moderate increase in new business inflows due to softer demand, competition pressures, and fewer business inquiries, S&P said.
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