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Service activity slows in August, IHS Markit India Services PMI declines to 52.4 over weak jobs creation

Updated: Sep 05, 2019 08:21:13am
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Service activity slows in August, IHS Markit India Services PMI declines to 52.4 over weak jobs creation

New Delhi, Sept 5 (KNN) India’s services sector activity softened in August as job creation and output expansion moderated, according to a survey by IHS Markit.

The IHS Markit India Services Purchasing Managers’ Index (PMI) declined to 52.4 in August from 53.8 in July. The index remaining above 50 indicates growth; falling below that mark would mean contraction.

IHS Markit had released another survey on Monday that showed manufacturing activity in the country slipping to a 15-month low in August.

Put together, the two surveys show that the growth of Indian private sector activity has eased from July's eight-month high, reflecting a slowdown in new business gains.

The IHS Markit India Composite PMI Output Index that maps both the manufacturing and services industries fell to 52.6 in August from 53.9 in July.

“The weaker PMI readings for India's services sector match the trend noted in the manufacturing industry, bringing unwelcome news of a cooling economy halfway through the second quarter of fiscal year 2019-20,” said Pollyanna de Lima, principal economist at IHS Markit.

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