PMI services growth slips to 1-year low over election-related disruptions

Growth in services sector activities slipped to a one-year low in May because of election-caused disruptions, the Nikkei purchasing managers’ index (PMI) showed on Wednesday.

PMI for services, which is based on the responses of executives of 400 private sector companies, fell to 50.2 in May, from 51 in April, ending the euphoria caused by a rise in PMI for manufacturing last month. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.

“India’s dominant service economy again suffered the impacts of election disruptions, with growth of both new work and business activity softening