August service sector PMI rises to 18-month high

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MUMBAI: Policy concerns have eased considerably as the service sector, which accounts for a large share of the country's gross domestic product (GDP), saw a sharp improvement in August. Last month saw a decline in manufacturing activity compared to July.

The Purchasing Managers' Index (PMI) of the country's service sector, which stood at 7.50 in July, rose sharply to 8.30 in August, hitting an 18-month high. Service sector activity has increased for the first time in the last four months.

After the second wave of Corona softened, most states saw a rebound in the service sector as institutions began to function again. Speed ​​in vaccination has resulted in increased service consumption.

Although layoffs in service sector companies continued last month, the rate slowed. The PMI's survey report noted that in addition to speeding up vaccinations, there has been growth in the service sector due to widespread advertising.

If this trend continues in the current month, the service sector will gain momentum in the last six months of FY 205. In the first quarter of the current financial year, the service sector grew by 11.50 points.

Service sector companies have enough capacity to meet new orders so they refrain from hiring new ones. The companies participating in the survey said there was a strong improvement in new orders and demand. The decline in new orders over the past three months has stalled in August.

However, there has been a further decline in export orders. Travel bans and new cases of corona in overseas markets, including the United States, are having an impact on export orders, according to a survey report prepared by IHS Markets.

Rising costs behind fuel and raw materials have also forced companies to raise service prices. The manufacturing sector PMI, which was released on Wednesday, saw a decline.

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