India’s June Services PMI Expands

04 July 2012 11:00am - Florence Fullalove

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India’s June Services PMI Expands

According to an HSBC survey, India’s services sector last month expanded for the eighth straight month but a slower pace. However, new orders picked up and firms hired workers at the fastest pace in a year. HSBC’s services purchasing managers’ index, which assesses the activity of about 400 firms in India, fell to 53.4 in June from 54.7 in May. This is still comfortably above the 50 mark which separates expansion from contraction.

Dwindling demand from India’s major trading partners, the U.S., Europe and Britain, have become a cause for concern. HSBC Chief Economist for India Leif Eskesen said in a statement, “While service sector activity grew at a slightly slower pace, new orders grew faster and this should hold up activity in coming months.” He added, “And businesses remained relatively optimistic about the outlook for the coming 12 months, although sentiment eased a bit from the previous month.” The services sector contributes about 60% to the overall Indian economy.

Abroad, the euro zone continues to deal with its sovereign debt crisis, despite a summit of European leaders last week that suggested some solutions to help the region's economic troubles. That, combined with struggling growth in the United States, has damaged global economic sentiment and has hit confidence about the future in businesses across the world. The Indian services PMI business expectations index fell four points since May.

Related Links:
• HSBC
Purchasing Managers' Index
• Economic Calendar
Scheduled Economic Events
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