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Financial News: Italy's Service Sector Growth Weakens In August

Italy's Service Sector Growth Weakens In August

09/05/2018 - 06:02:00 (RTTNews)

(RTTNews) - Italy's service sector growth weakened in August despite a faster increase in new orders, data from IHS Markit showed Wednesday.

The services Purchasing Managers' Index fell to 52.6 in August from 54.0 in July. A reading above 50 indicates expansion in the sector.

Although indicative of solid growth and extending the current period of expansion to 27 months, the latest increase in activity matched the 2018 lows seen in March and April, survey showed.

New business rose at a slightly faster rate but growth was in part driven by ongoing discounting. Jobs continued to be added in the Italian service sector during August.

Latest data showed that average output charges were again reduced. Operating expenses continued to increase in August adding to pressure on margins.

Finally, business confidence regarding future activity sank in August to its lowest level since June 2013.

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