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Financial News: Spain Services Sector Growth At 5-month High

Spain Services Sector Growth At 5-month High

09/04/2019 - 07:48:00 (RTTNews)

(RTTNews) - Spain's services sector grew at the fastest pace in five months in August, data from IHS Markit showed on Wednesday.

The services purchasing managers' index, or PMI, rose to 54.3 in August from 52.9 in July. Economists had forecast a score of 53.0.

Any reading above 50 indicates an expansion in the sector.

Sales to foreign customers declined for the fourth month in a row in August, while demand from the domestic sources strengthened.

The employment level rose at a modest pace in August and backlogs of works increased for the second straight month.

Average input prices rose in August and the current period of inflation extended to a four-and-a-half year high.

The composite PMI rose to 52.6 in August from 51.7 in July.

"With the divergence between services and manufacturing currently amongst the greatest in the PMI history, it nonetheless remains unlikely that services can maintain its current growth trajectory especially against the backdrop of a fall in confidence about the future to its lowest in over six years," Paul Smith, economics director at IHS Markit, said.

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