{"id":154409,"date":"2023-08-04T13:08:52","date_gmt":"2023-08-04T07:38:52","guid":{"rendered":"https:\/\/www.gkseries.com\/blog\/?p=154409"},"modified":"2023-08-04T13:08:54","modified_gmt":"2023-08-04T07:38:54","slug":"services-pmi-at-over-13-year-high-in-july","status":"publish","type":"post","link":"https:\/\/www.gkseries.com\/blog\/services-pmi-at-over-13-year-high-in-july\/","title":{"rendered":"Services PMI at over 13-year high in July"},"content":{"rendered":"\n<p><strong>Services PMI at over 13-year high in July: <\/strong>In July, <strong>India\u2019s services sector<\/strong> experienced a significant rebound, achieving its highest growth in 13 years. The recovery was driven by robust demand and new business gains, leading to an increase in the S&amp;P Global India <strong>Services Purchasing Managers\u2019 Index (PMI)<\/strong> to a record high of 62.3. The PMI is a survey-based index that gauges service sector activity levels. A reading of the index above 50 indicates expansion, whereas a reading below 50 suggests contraction. This positive trend has been ongoing for 23 consecutive months since August 2021.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.gkseries.com\/blog\/daily-current-affairs-and-quiz\/\" target=\"_blank\" rel=\"noreferrer noopener\">Daily Current Affairs Quiz: August 2023<\/a><\/p>\n\n\n\n<p><strong>Services PMI at over 13-year high in July: key points:<\/strong><\/p>\n\n\n\n<p><strong>1. Record High Output and Strong Demand<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Services sector output rebounded in July, reaching the fastest pace since June 2010.<\/li>\n\n\n\n<li>The survey-based indicator hit a 13-year high of 62.3, indicating a strong increase in activity.<\/li>\n\n\n\n<li>The upturn was attributed to strong demand and new business gains.<\/li>\n<\/ul>\n\n\n\n<p><strong>2. Job Creation and Workload<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Despite the increased workload, the pace of job creation remained slow and consistent with the previous two months.<\/li>\n\n\n\n<li>Companies resorted to hiring a combination of part-time, full-time, permanent, and temporary staff.<\/li>\n<\/ul>\n\n\n\n<p><strong>3. Input Costs and Output Prices<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Input costs increased at the fastest rate in 13 months, owing primarily to rising food, labour, and transportation costs.<\/li>\n\n\n\n<li>However, firms seemed cautious about losing fresh contracts, leading to a slower increase in output prices.<\/li>\n<\/ul>\n\n\n\n<p><strong>4. Boost from Export Orders<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Overseas markets provided a boost, with firms reporting the second-fastest increase in export orders since the index was introduced in September 2014.<\/li>\n\n\n\n<li>Key sources of growth in export orders came from countries like Bangladesh, Nepal, Sri Lanka, and the UAE.<\/li>\n<\/ul>\n\n\n\n<p><strong>5. Positive Outlook<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The broad improvements in sales, both domestically and abroad, were viewed as especially welcome in the current hard global economic scenario.<\/li>\n\n\n\n<li>Pollyanna De Lima, Economics Associate Director at S&amp;P Global Market Intelligence, expressed optimism about the positive trend.<\/li>\n<\/ul>\n\n\n\n<p><strong>6. Long-standing Expansion<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The headline figure of the Purchasing Managers\u2019 Index (PMI) has been in the expansion zone for 23 consecutive months since August 2021.<\/li>\n<\/ul>\n\n\n\n<p><strong>7. Survey Details<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The PMI survey queried 400 companies from a variety of industries, including non-retail consumer services, transportation, information and communication, finance, insurance, real estate, and business services.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Services PMI at over 13-year high in July: In July, India\u2019s services sector experienced a significant rebound, achieving its highest growth in 13 years. The recovery was driven by robust demand and new business gains, leading to an increase in the S&amp;P Global India Services Purchasing Managers\u2019 Index (PMI) to a record high of 62.3. [&hellip;]<\/p>\n","protected":false},"author":894,"featured_media":154410,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[5142],"tags":[4916],"class_list":["post-154409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-august-2023","tag-national-current-affairs"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/154409","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/894"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=154409"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/154409\/revisions"}],"predecessor-version":[{"id":154411,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/154409\/revisions\/154411"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/154410"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=154409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=154409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=154409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}