Services sector activity contracted for the third straight month in June as poor domestic demand, low export orders continued to keep the services sector in a deep downturn in the aftermath of the nationwide lockdown, showed a monthly survey released on Friday.
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The IHS Markit Services Business Activity Index (Services PMI) remained contractionary, despite rising to 33.7 in June, up from 12.6 in May and just 5.4 in April. In PMI parlance, the 50-mark threshold separates expansion from contraction.
Extended business shutdowns and continuing weak demand sank output in June. Although the downturn lost further momentum, it remained excessively strong as the Covid-19 pandemic curtailed intakes of new work and disrupted business operations.
ALSO READ: Crude oil can hit $50/bbl in 2021; gas demand to pick up in India: Analysts
The IHS Markit Services Business Activity Index (Services PMI) remained contractionary, despite rising to 33.7 in June, up from 12.6 in May and just 5.4 in April. In PMI parlance, the 50-mark threshold separates expansion from contraction.
Extended business shutdowns and continuing weak demand sank output in June. Although the downturn lost further momentum, it remained excessively strong as the Covid-19 pandemic curtailed intakes of new work and disrupted business operations.
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