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3w ago

India and Gulf Private Sectors Surge While Developed Economies Stall, June PMI Shows

Domestic demand drove India's and Gulf non-oil private sectors to multi-month highs against a backdrop of US tariff uncertainty.

People shop ahead of the holy month of Ramadan at the Mall of the Emirates in Dubai, United Arab Emirates, March 22, 2023. REUTERS/ Abdel Hadi Ramahi/ File Photo
A construction worker walks on the construction site of residential buildings in Worcester, Britain December 5, 2024. REUTERS/Temilade Adelaja/File photo
People eat in the food court at a shopping centre after indoor dining restaurants in Toronto, Ontario, Canada July 31, 2020. REUTERS/Carlos Osorio/File Photo
Customers dine at a restaurant in the old town of Dali, Yunnan province, China November 9, 2023. REUTERS/Florence Lo/File Photo

Overview

  • India's services PMI climbed to a ten-month high of 60.4 in June on strong new domestic and export orders.
  • Saudi Arabia's non-oil sector PMI rose to a three-month high of 57.2 while UAE activity expanded at 53.5 with order growth slowing to its weakest pace in nearly four years.
  • The US ISM nonmanufacturing PMI edged back into growth at 50.8 even as its employment index fell to 47.2, marking further job losses.
  • Euro zone services recorded marginal growth with a PMI of 50.5 with new business declining for a 13th straight month.
  • China's Caixin services PMI slowed to 50.6 in June, representing the weakest expansion since September 2024.