India's Services Activity Slows in June, HSBC-S&P Survey Shows

Services activity in India slowed in June, with the HSBC India Services Purchasing Managers' Index (PMI) falling to 57.4 from 59.8 in the previous month, according to data compiled by S&P Global and released on Friday. The reading missed the consensus forecast of 58 tracked by Trading Economics. A reading above 50 indicates expansion in the sector, while a figure below signals a contraction. The latest performance showed a loss of momentum as challenging market conditions and reduced client interest for some services reportedly stymied growth of total sales and output, S&P Global said.