New Delhi: Hiring by the private sector in India in June touched 18-ywear high. The increase in business activities led by robust sales is the main reason for this. HSBC flash India Composite Purchasing Managers’ Index (PMI), compiled by S&P Global revealed this.
HSBC flash India Composite Purchasing Managers’ Index (PMI), compiled by S&P Global, rose to 60.9 in June from last month’s final reading of 60.5. That marked nearly three years above the 50-level separating growth from contraction on a monthly basis.
‘The composite flash PMI ticked up in June, supported by rises in both the manufacturing and service sectors, with the former recording a faster pace of growth,’ noted Maitreyi Das, global economist at HSBC.
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Flash manufacturing PMI increased from 57.5 in May to 58.5 in June, while the services PMI business activity index increased marginally to 60.4 in June from 60.2 in the previous month.
The PMI print above 50 indicates growth in the sector while below 50 shows contraction. It is based on a survey conducted among around 400 manufacturers and 400 service providers.
New export orders expanded for a 22nd consecutive month in June. Overall employment generation rising at the fastest pace since April 2006. Job creation among manufacturers was higher than in the services sector.
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