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India Services Sector Growth Slows to 17-Month Low
3 Jul
Summary
- Services sector expansion hit a 17-month low in June due to weak demand.
- New business growth in India's services sector slowed significantly.
- Hiring in the services sector nearly stalled in the previous month.
The Indian services sector, a major contributor to the nation's economy, saw its growth rate diminish to its lowest point in 17 months by the end of June. This slowdown was primarily driven by a notable weakening in domestic demand, which exerted pressure on overall business activity.
Furthermore, the survey data revealed that the pace of new business growth slowed considerably, reaching its lowest in over two-and-a-half years. This deceleration in new orders suggests a broader cooling of economic momentum. The impact of these trends was also evident in employment figures, with hiring in the services sector nearly coming to a halt last month.
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