Aug services PMI jumps to 41.8 vs 34.2 in July; still in contraction zone

August was the sixth straight month the index was sub-50, the longest such stretch since a 10-month run to April 2014

Activity in India's crippled services industry fell for a sixth straight month in August as coronavirus restrictions continued to hurt business operations and demand, causing the longest streak of job losses on record, an industry survey showed.

Thursday's survey adds to the gloom in the service sector, an engine of economic growth and jobs, suggesting a long and painful road to recovery after the economy shrank nearly a quarter in April-June.

Although the Nikkei/IHS Markit Services Purchasing Managers' Index increased to 41.8 in August from July's 34.2, it remained well below the 50-mark separating growth from contraction.

August was the sixth straight month