Services activity rebounds in July, expands at fastest pace in a year: PMI

A sub-index tracking overall demand showed new orders increased at the quickest pace in nearly three years, driven largely by foreign demand

The country's services sector activity in July returned to growth territory driven by new business orders that rose at fastest pace since October 2016, following which job creation picked up, a monthly survey showed on Monday.

The IHS Markit India Services Business Activity Index rose to 53.8 in July from 49.6 in June, pointed to the quickest increase in output in one year.

In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.

"PMI data indicated that the strongest upturn in new work for nearly three years led to a rebound in business activity," said Pollyanna de