India private sector cools as composite PMI falls to 54.3
India's private sector just hit its slowest growth in over four years.
The HSBC Flash India Composite PMI dropped to 54.3 in July from 57.1 in June, showing things are cooling off, but it's still above 50, so the economy is technically growing.
The main reason? Services slowed down a lot, though more export orders and steady hiring kept things from getting worse.
Services sector activity lowest since 2022
The services sector saw fewer client inquiries and more order cancelations, pushing its activity index to the lowest since early 2022.
Manufacturing wasn't spared either: it stayed positive but dipped to a four-month low.
On top of that, businesses faced higher costs for fuel, labor, and materials, leading them to raise prices for customers.
Even with these bumps, companies kept hiring as they expect demand to hold up.