Services PMI | Are animal spirits back?
Demand needs to improve for a sustained period for animal spirits to revive, says expert
The Nikkei India Composite PMI (Purchasing Managers’ Index) Output Index, a gauge of private sector activity in both the manufacturing and services sectors, climbed to a 37-month high of 54.3 in March. A reading above 50 denotes expansion from the previous month, while the one below signifies contraction. Both the Manufacturing PMI as well as the Services PMI saw increases during the month. What’s more, the Business Expectations Index, a sub-index of the Nikkei India Services PMI, has climbed to a nine-month high of 60.6 (see chart 1). Are these indications of green shoots in the economy?
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