India’s services sector PMI declines to three-month low of 58.5 in June
India’s services activity growth eased to a three-month low in June while the sector’s Purchasing Managers’ Index (PMI) declined to 58.5 from 61.2 in May 2023, slightly below the Reuters poll prediction of 60.2, according to the data released by S&P Global. Despite falling from May, the latest data was consistent with a sharp pace of growth. The latest reading also marked the 23rd successive months of growth with headline figure above the neutral 50 threshold, supporting a further sharp upturn in business activity. While a print above 50 means expansion, a score below 50 shows contraction.