Purchasing Managers' Index falls to 46.4%; Situation of contraction arises in the service sector

Covid19: The Second wave had left a significant impact on the service sector. The Purchasing Managers' Index (PMI) dips to 46.4% in the month of May. The analysis of the data is done every month for the manufacturing and the service sector. Today the report comes out for the service sector, and the investigation has a significant downfall. The first assessment analysis for the service sector and an evident contraction are seen in the second wave of covid. PMI in the month of April was 54, and in the past eight months, it's the first time that the number has fallen below 50. The country was under Lockdown, and the service sector was going through a significant fall. Still, the government did not come out with any initiative to help the sector in any way.

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