At 41.8, services PMI continues to show contraction for 6th month in Aug

PMI for combined services and manufacturing rose from 37.2 in July to 46 in August

Activities in services, the biggest sector of India’s economy, fell for the sixth month in August even as the rate of contraction slowed, according to a monthly survey released on Thursday, as companies gradually resumed operations. This forced companies to continue laying off workers, showed the widely tracked IHS Markit purchasing managers’ index (PMI), th­ough at a slower rate than seen in July.

PMI for services rose to 41.8 in August, compared to 34.2 in July, remaining eight points below the 50-point mark that separates contraction (below 50) from growth (above 50). However, the reading was the highest since March when