India’s services sector output increases at 2nd-fastest pace in close to 13 yrs in May: PMI

New Delhi, Jun 5 (PTI) India’s services sector growth eased slightly in May, but registered the second-strongest rate of growth in close to 13 years, on favourable demand conditions and new client wins, a monthly survey said on Monday.

The seasonally adjusted S&P Global India Services PMI Business Activity Index fell from 62 in April to 61.2 in May. Despite falling from April, the latest reading indicated that output increased at the second-quickest pace since July 2010.

For the 22nd straight month, the headline figure was above the neutral 50 threshold. In Purchasing Managers’ Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction.