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PMI: Service sector slowed down in July, lowest growth in 4 months

PMI Sector Growth in July 2022: The pace of India’s services sector growth has slowed down in the month of July. Demand has been affected due to competitive pressures, high inflation and adverse weather conditions. Information about this has been given in the monthly survey. S&P Global’s India Services PMI business activity index declined to 55.5 in July from 59.2 in June.

Lowest growth in 4 months
Let us tell you that it shows the slowest growth rate in four months. This is the 12th consecutive month that there has been an expansion in the activities of the service sector.

Shows PMI above 50
In Purchasing Managers’ Index (PMI) parlance, a score greater than 50 means that activity is expanding, while a score less than 50 indicates contraction.

Good sales in July
According to the survey, the service providers who reported good sales in the month of July attributed this to favorable demand conditions and the benefits of advertising. However, the survey participants said that the growth was affected due to intense competition and unfavorable weather.

S&P Global gave information
Poliana de Lima, economic joint director of S&P Global Market Intelligence, said competitive pressures, high inflation and unfavorable weather impacted demand, and as a result, India’s service economy has slowed significantly. The S&P Global India Composite PMI Production Index fell from 58.2 in June to 56.6 in July, marking the lowest growth since March.

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