Released: 27 August 2020
August Sales Data Shows Indian Economy Continues to Dive into Recession
All Indian Sales Indexes reflect the continuing widespread damage done to the Indian economy by Covid-19.
The rise in August in all the indexes from the low points recorded from May through to July 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 over the past 3 months.
The Market Growth Index reading of 43.5 shows the massive and widespread impact of Covid in the Indian economy, spread over many different kinds of industry sector.
The Sales Growth Index reading, at 41.0, reflects continuing serious falls in sales compared with July for most panelists, and shows that economic activity plummeted for the fourth consecutive month.
Worst of all, the Staffing Index remains mired in the high 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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