US Services Sector Contraction Continues In May: Survey

wayne

The dominant services segment of the US economy was still suffering amid the pandemic in May but appeared poised for a recovery, according to an industry survey released Wednesday.

Yet it is unclear how recent nationwide protests will impact services industries, according to an official with the Institute of Supply Management (ISM).

ISM’s non-manufacturing index showed the industry was contracting for the second month but more slowly than in April, rising to 45.4 percent from 41.8 percent, with a 15-point jump in the production index to 41.0 percent. Anything below 50 percent indicates activity is slowing.

The two months of slowing due to the efforts to contain COVID-19 ended nearly 10 years of uninterrupted growth for the services industries.

Prior to events of the past week “it looked like we were bottoming out and hopefully were recovering a little bit,” ISM survey chair Anthony Nieves told reporters.

But now, “It will remain to be seen, with what’s going on with the combination of the pandemic and civil unrest and social injustice and everything else that’s happening right now.”

The United States has been gripped by nationwide protests, some of which have devolved into violence and looting, over the death of

India needs to knock down import tariffs imposed in last 3 yrs: Panagariya

wayne


Economic liberalisation has done good to India, and the country needs to knock down imposed on many products in the last three years, former Niti Aayog Vice-Chairman said on Tuesday.


Panagariya also pointed out that Covid-19 pandemic may lead to integration of global labour market.



“Liberalisation has done good to us. We are reversing something from which we benefited. I thought that in 1991, India had give up import substitution, but in the last three years, import tariff on many products have been raised,” he said while addressing CII Annual Session 2020.


“India needs to open up more and knock down import tariff imposed on many products in the last 3 years. We should bring tariff to 7 per


cent and sign trade agreement with the US, and European Union,” he said.


The eminent economist also expressed hope that down the line, India will sign trade agreements with the US, Regional Comprehensive Economic Partnership (RCEP) and the European Union.


Panagariya said India should continue to engage with Asia Pacific partners and get into as it prepares to

Paytm claims telcos not preventing phishing; HC seeks Centre, Trai response

wayne


The Delhi High Court Tuesday sought response of the Centre and telecom regulator on online payment platform Paytm’s plea alleging that are not blocking those who are defrauding its customers by “phishing” activities over various mobile networks.


A bench of Chief Justice D N Patel and Justice Prateek Jalan issued notice to the Ministry of Communication, Telecom Regulatory Authority of India and major mobile service providers, including Airtel, Reliance Jio, MTNL, and Vodafone seeking their stand on the plea before the next date of hearing on June 24.



Additional Solicitor General Maninder Acharya and central government standing counsel Anurag Ahluwalia accepted notice on behalf of the ministry.

 



The order came on the plea by One97 Communications Ltd, which runs Paytm, claiming that millions of its customers have been defrauded by the phishing activities over the mobile networks and the failure of the telecom to prevent the same has “caused financial and reputational loss” to it for which it has sought damages of Rs 100 crore from them.


Phishing is a cyber crime where people are contacted by e-mail, phone calls

Subscribe Now