India services growth slows to weakest in over 4 years
India's services sector just saw its weakest growth in over four years.
The HSBC India Services PMI dropped to 53.3 in July (from 57.4 in June), signaling things are still growing, but at a much slower pace.
The main reason? New business orders barely increased, posting their softest expansion in close to four-and-a-half years.
India private sector cooling overall
International demand dipped a bit, though export orders grew faster than overall new business.
On the jobs front, companies added a few more roles for the seventh month straight, but most kept staff levels steady.
Costs for businesses rose less sharply, lowest since January, but customers felt it as selling prices went up at the fastest rate in three months.
The broader Composite PMI (which includes manufacturing) also fell to its lowest since March 2022, showing private sector activity is cooling off overall.