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Services sector contracts:
News:
- According to the IHS Markit survey, services activity contracted for a fourth straight month in June.
More in the news:
- The IHS Markit India Services Business Activity Index was at 33.7 in June
- A print below 50 denotes a contraction, as per the IHS Markit India Services Purchasing Managers’ Index (PMI).
- Cause: COVID-19 pandemic curtailed intake of new work orders and disrupted business operations.
- Total new orders fell at a sharp pace during June, which firms attributed to reduced consumption.
- In some instances, customers had closed their businesses due to the unfavourable environment.