News > Covid blues: Services sector still a picture of worry with PMI at 45.4 in July

Covid blues: Services sector still a picture of worry with PMI at 45.4 in July

The services sector is still reeling under the pressure of local restrictions due to Covid-19, going by the Purchasing Managers’ Index (PMI) which came in at 45.4 in July, a private survey showed. However, the reading is better than 41.2 of June even as it continues to be in contraction territory for the third month in a row.

“July data was somewhat disappointing, with incoming new business and output falling solidly over the month, but there was at least a slowdown in rates of contraction,” said Pollyanna De Lima, Economics Associate Director at IHS Markit, the pvt. company which did the surveys.