India services PMI 59.8 in May led by home spending
India's services scene (think e-commerce, IT, and entertainment) saw its fastest growth in half a year this May, thanks mostly to people spending more at home.
The S&P Global PMI jumped to 59.8, showing the sector's been on a roll since mid-2021.
While local demand was buzzing, export orders barely budged and business confidence slipped for the second month as companies stayed cautious.
Business activity highest since late 2025
New business activity reached its highest point since late 2025 because of strong domestic demand.
Good news: costs for businesses eased up for the second month straight, so the prices charged sub-index eased to a four-month low.
Still, most firms held off on hiring (fewer than 7% added new jobs) despite all the action.
Composite PMI 59.3 hits 6-month high
It's not just services growing—the Composite PMI (which tracks both services and manufacturing) also hit a six-month high at 59.3 in May.
So overall, India's economy is seeing some solid momentum right now.