India's services growth slows with S&P Global PMI at 53.3
Business
India's services sector lost some steam last month.
Growth slowed, with the S&P Global Services PMI dropping to 53.3 from June's 57.4.
This matches a similar cooldown in manufacturing, and since services make up more than half of India's economy, it's something to watch.
India demand dips hiring edges up
Business activity grew at its slowest pace in over four years as demand dipped both in India and abroad, thanks to tougher competition and fewer customer inquiries.
On the bright side, hiring picked up slightly after a rough June, and inflation cooled off to a six-month low, even though input costs like fuel and transport kept rising.
Despite lower business confidence, many companies are still hopeful about better demand ahead and are staying optimistic for the coming months.