India's services activity stayed in deep contraction in June: PMI

04 Juillet, 2020, 11:25 | Auteur: Auguste Feret
  • Beijing

Ireland's service sector contracted at a slower pace in June as lockdown measures began to be lifted, survey data from IHS Markit showed on Friday.

A print below 50 denotes a contraction, as per the IHS Markit India Services Purchasing Managers' Index (PMI). However, any score below 50 indicates contraction in the sector.

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.

The Caixin survey showed a sub-index for new business received by Chinese services firms rose to 57.3 from 55.8 in May, with the rate of growth accelerating to the fastest since August 2010. The survey noted that "businesses were highly confident about the economic outlook". GDP shrank 1.5% in the January-March period.

China's services sector took a big hit amid the domestic epidemic during February and March, as people canceled travel plans and avoided gatherings due to the government's social distancing requirements created to contain the spread of the deadly virus.

The sector - which spans industries from bars and hotels to banking - is the country's most important.

"[.] Companies continued to report weak underlying demand in June".

While elements of the domestic market appear to be improving, export sales continued to drop at a steeper rate than overall new business volumes last month. Activity in the technology, media and telecoms sector rose for the first time since February, albeit only marginally.

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As conditions continued to deteriorate in June, surveyed companies became more pessimistic towards their prospects over the coming 12 months.

It wasn't all good news, however.

There was, however, a sharp divergence between manufacturing, which expanded slightly, and the dominant services sector, which remained under severe pressure and shed jobs at the fastest pace on record. That underscored Premier Li Keqiang's focus on protecting and creating jobs in his annual work report to the delayed meeting of the National People's Congress, China's legislature, in May.

The 16.6 point increase from the month before was the second largest in the survey's 22-year history and was only beaten by the 18 point surge witnessed in May. Hayes further said though some companies have seen activity stabilise, but this is most likely just reflecting closures and temporary suspensions.

China has taken a series of measures to bolster businesses ravaged by the Covid-19 pandemic.

Brazil's economy is expected to shrink by a record 6.3% this year, according to a Reuters poll of economists.

Caixin Global has launched Caixin CEIC Mobile, the mobile-only version of its world-class macroeconomic data platform.

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