Business

Employment: Growth In Service Sector, Highest Number Of Jobs In 14 Years

There is a steady improvement in the activities of the service sector of the country. S&P Global India’s Services Business Activity Index rose to 57.2 in August on strong gains in new business, improved demand and job creation. It was at a four-month low of 55.5 in July. During this time jobs were found the highest in 14 years.

Services sector activity improved for the 13th consecutive month in August, according to S&P Global Market Intelligence. A Purchase Management Index (PMI) above 50 indicates expansion in activity and a figure below it indicates contraction.

Benefits to companies, increased recruitment due to strong sales

S&P Global Market Intelligence’s joint director (economics) Pauliana de Lima said companies are benefiting immensely from the lifting of pandemic restrictions and continued efforts to expand business. On the employment front, he said, the services sector has the strongest recruitment rate in 14 years due to strong sales and better growth projections.

trust at the top of four years

The services sector grew strongly in the middle of the second quarter, Lima said. Although the rate of inflation was roughly the same as in July, the cost remained much lower during this period. The confidence of the traders strengthened and reached the top of four years.

production expected to increase

The overall index rose to 58.2 in August on pick-up in activity in the services and manufacturing sectors. In July it was 56.6. According to the survey, companies operating in the services sector are expected to increase production in the coming 12 months.

Growth rate may slow down, inflation will get relief

The economy grew at the fastest pace in a year in the first quarter of the current fiscal, driven by the performance of the services and manufacturing sectors. However, continued interest rate hikes, high inflation and a global slowdown can pose major risks to the economy. However, some relief from inflation is expected in the coming months.

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