Activity in the services industry slowed down in May for the first time in three months mainly due to stagnation in new orders, Nikkei India Services Purchasing Managers’ Index (PMI) showed on Tuesday. The Nikkei Services PMI is based on the data compiled from the questionnaires sent to the managers of around 350 private service sector companies. Despite weak demand conditions, service providers continued to recruit employees in May, though job creation was the weakest since December. Reacting to a slowdown in the services sector, Aditi Nayar, principal economist at ICRA, said, “The trend may not sustain in the coming months. Services PMI has shown a contraction in one of the months in some of the recent quarters.

Source: dna June 05, 2018 20:48 UTC