Released: 28 August 2020
New September Data Shows Indian Economy Mired in Recession for 6th Consecutive Month
All Indian Sales Indexes reflect the continuing massive damage done to the Indian economy by Covid-19.
The Market Growth Index reading of 45.5 shows the massive impact of Covid in the Indian economy, spread over many different kinds of industry sector.
The Sales Growth Index reading, at 44.8, reflects a further serious fall in sales compared with August for most panelists, and shows that economic activity plummeted for the sixth consecutive month.
Business Confidence rose marginally in September, but a majority of sales managers still expect business conditions to worsen over the next few months.
Worst of all, the Staffing Levels Index remains mired in the low 40's, reflecting far lower staffing levels than the situation of one year ago. Millions of people have lost their jobs or are facing reductions in income, and have been left with perilously few means of earning a living.
It should be noted that although all the Sales Managers Indexes rose in September from the low points recorded from May through to August, all remain below the "no growth" 50 level, reflecting no improvement in economic activity. The rising lines show only that the descent into recession has slowed over the past few months.
India: Business Confidence Index
The Business Confidence Index measures the level of optimism/pessimism among sales for future conditions.
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