Service activity moves towards recovery in September; PMI at 49.8

At 49.8 in Sept from 41.8 in August, but contracts for 7th month in row

The Services sector continued to shrink for the seventh month in a row in September, but the rate of decline slowed considerably with the unlocking of the economy showed the widely tracked purchasing managers’ index (PMI). 

However, hiring continued to be low for the seventh month in a row as some firms reduced workforce and others did not find suitable candidates.

Services PMI stood at 49.8 points in September, higher than 41.8 in August. However, it was just below 50 points, which indicates contraction (a reading above 50 denotes growth). This was the highest reading of services PMI since March, when the