Biggest Decline Of 11 Months In The Service Sector
PMI data for June shows decline in new business, production and employment.
New Delhi. Due to the second wave of Corona, there was a sharp decline in the activities of the service sector during June. The service business activity index fell from 46.4 in May to 41.2 in June. This is the biggest drop since July 2020 and companies had to cut jobs again. Companies suffered a second consecutive month of decline in getting new jobs due to weak demand. The pace of contraction was the fastest since July 2020.
Fall for the second consecutive month-
In PMI parlance, a score above 50 indicates an increase in activity, while a score below 50 indicates contraction. In this context, Polyana D. Lima, Economist and Joint Director of IHS Markets, said that in view of the current situation of Corona in India, it was feared that the service sector would be affected and it happened.
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