India pandemic infection Waves India

Services PMI shows the pandemic is alive and kicking

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services has reminded markets that the pandemic is still around. The index, at 45.4 in July, indicated that the services sector remains in contraction mode for the third consecutive month in July.

The PMI gives three clear signs that services may take more time to revive. Firstly, firms are pessimistic about the outlook one year ahead, for the first time in a year.

This shows that the second wave has dented sentiment in a big way. Second, employment fell for the eighth consecutive month in the services industry.

The weak outlook on jobs may lead to further pressure on demand. As such, firms have cited demand conditions have worsened since the second wave, both domestic and international.

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