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5
June 2018
 |
Low (The Total Investment & Insurance
Solutions)
Country's services sector
activity contracted for the first time in three months in May as new business
orders stagnated and cost pressures intensified amid higher fuel prices, said a
survey. The Total Investment
& Insurance Solutions
However, improvement in the business sentiment was a "bright spot" in the survey which showed that it's strongest since January 2015. The business sentiments improved on expectations that demand conditions will improve in the year ahead. The Total Investment & Insurance Solutions
The Nikkei Services Purchasing Managers' Index, compiled by IHS Markit, fell to 49.6 in May from 51.4 in April, indicating a marginal contraction in business activity, following a two-month period of growth.
The index had last slipped below the 50-point mark, that separates expansion from contraction, in February. The Total Investment & Insurance Solutions
However, improvement in the business sentiment was a "bright spot" in the survey which showed that it's strongest since January 2015. The business sentiments improved on expectations that demand conditions will improve in the year ahead. The Total Investment & Insurance Solutions
The Nikkei Services Purchasing Managers' Index, compiled by IHS Markit, fell to 49.6 in May from 51.4 in April, indicating a marginal contraction in business activity, following a two-month period of growth.
The index had last slipped below the 50-point mark, that separates expansion from contraction, in February. The Total Investment & Insurance Solutions
"The performance of the service sector was disappointing in May, as output dipped into contraction for the first time in three months," said Aashna Dodhia, Economist at IHS Markit, and author of the report.
Key factors behind decline:
Competitive demand conditions and a stagnation in new orders were the key factors behind a decline in output across the service sector in May, the survey notes. The Total Investment & Insurance Solutions
"India saw the slowest improvement in the health of the overall economy since February in May, whilst the latest survey showed the effects of higher global oil prices as the private sector recorded the most marked input cost inflation for three months," Dodhia added. The Total Investment & Insurance Solutions
Employment growth slowed:
On the employment front, the slowdown in service activity fed into the labour market, as jobs growth moderated from April's seven-year high.
The Nikkei India Composite PMI Output Index -- that maps both the manufacturing and the services sector -- fell from 51.9 in April to 50.4 in May. The Total Investment & Insurance Solutions
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