Activity at Indian services companies shrank at the fastest pace in more than four years last month, suggesting the slowdown in Asia’s third-largest economy still has some way to run.
The HSBC Services Purchasing Managers’ Index (PMI), compiled by Markit, slipped from 47.6 in August to 44.6 in September, its weakest since April 2009. That marked its straight third reading below 50, the threshold between growth and contraction. It showed firms were less optimistic about the future and were cutting staff as new business dries up.
The PMI capped the worst quarter for the Indian services sector — which accounts for nearly 60% of the economy — in over four years, stoking fears that growth in the three months to September will be weaker than April through June.
India’s economy grew just 4.4% in the quarter to June, its weakest pace since the first three months of 2009.
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