India's services hits 10-month high in June; driven by strong demand, export surge
The new PMI comes within days of the same survey reporting earlier this week that manufacturing sector activity rose to a 14-month high at 58.4 in June on the back of expansion in output, new orders, and job creation. The manufacturing PMI stood at 57.6 in May, 58.2 in April, and 58.1 in March.
Activity in the services sector, which accounts for over 65% of the gross domestic product, rose to a 10-month high of 60.4 in June, up from 58.8 in May. This growth was driven by higher sales, new orders, and an upturn in positive demand trends, according to the seasonally adjusted HSBC Services PMI index, compiled by S&P Global.
The agency said the PMI for June climbed to a 10-month high of 60.4, up from 58.8 in May, 58.7 in April, and 58.5 in March, and remained well above the 50-mark that indicates expansion.
The increase in export orders was among the strongest since the series began, while price pressures eased in June, with both input cost and output charge inflation softening compared to the previous month, the survey said on Thursday.
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