August Service PMI Below July's Over-13-year High At 60.1

India's services activity continued to expand in August but the Purchasing Managers Index for services sector dropped to 60.1, revealed data released by S&P Global on September 5. The services PMI in August is below the over-13-year high of 62.3 in July.

However, the service sector PMI continues to remain above the key level of 50 which differentiates expansion from contraction.

Manufacturing PMI

This comes after S&P Global reported an increase in manufacturing PMI to a three-month high of 58.6 in August from the earlier 57.7 in July.

Service sector PMI

The S&P Global India Services PMI is compiled by S&P Global from responses to questionnaires sent to a panel of around 400 service sector companies. The panel is stratified by detailed sector and company workforce size, based on contributions to GDP. Data collection began in December 2005.

PMI datails are often seen as a lead indicator of the state of the economy as it measures activity from the previous month and can be seasonally adjusted. Further more the data is the most easily and immediately available data point given every month.

Published on: Tuesday, September 05, 2023, 11:15 AM IST