Released: 28 July 2020
July Sales Data Shows Indian Economy Still Shrinking
All Indian Sales Indexes reflect the continuing widespread damage done to the Indian economy by Covid -19.
The rise in July in all the indexes from the low points of May does not reflect an improvement in economic activity, as all the indexes remain well below the 50 "no growth " line. The rising lines show only that the descent into recession has slowed a little over the past two months.
The Market Growth Index reading of 38.4 shows the massive and widespread impact of Covid-19 in the Indian economy, spread over many different kinds of industry sector.
The Sales Growth Index reading, at 38.5, reflects continuing falls in sales compared with June for most panelists, and shows that economic activity plummeted for the third consecutive month.
Worst of all, the Staffing Index remains mired in the mid 30's, reflecting far lower staffing levels than the situation of one year ago. Millions of people have been laid off in one way or another, and left with perilously few means of earning a living.
India: Staffing Levels Index
The Staffing Levels Index monitors the level of growth or decline in employment against the same period a year earlier.
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