FX.co ★ India Services PMI Revised Slightly Downward

The HSBC India Services PMI for June 2025 was adjusted downward to 60.4 from an initial estimate of 60.7, following a final reading of 58.8 in May. Despite this revision, the latest figures indicate the quickest growth since August of the previous year, driven largely by domestic sales leading to significant increases in output and new orders over a 10-month period. Conversely, new export orders rose at the slowest rate in three months, although they still rank among the highest in the history of the series. Employment continued to climb for the thirty-seventh consecutive month, with job growth surpassing the long-term average, despite a slight deceleration from May's peak. Regarding pricing, input cost inflation eased to its lowest point in ten months, while inflation for output prices slowed but continued to exceed the series' average trend. Lastly, business confidence waned, falling below its typical long-run level.