ervices activities moderate in Sept but firms continue hiring: PMI survey
Published On: Tuesday, October 5, 2021 | By: Team KnowMyStock
Activities in services, the biggest sector in the Indian economy, moderated in September compared to August though states eased restrictions to slow down the coronavirus, said the IHS Markit purchasing managers' index (PMI) survey today(5th Oct.2021). Activities still grew second-fastest since February 2020. PMI declined to 55.2 in September from 56.7 in August. In the PMI lexicon, a reading above 50 shows expansion, while below it means contraction. PMI in September declined from an 18-month high index in the previous month. Whereas the index in August had risen on the base of contraction with PMI standing at 45.4 in July. (PMI measures activities on a month-on-month basis.) Respondents to the survey mentioned accommodative market conditions and favourable underlying demand amid the easing of Covid-19 restrictions. With the pandemic receding, consumer footfall improved. This, coupled with marketing efforts, reportedly supported another increase in new business inflows.
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