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Financial News: Spain Services Sector Growth Weakens In July

Spain Services Sector Growth Weakens In July

08/05/2019 - 07:50:00 (RTTNews)

(RTTNews) - Spain's services sector growth slowed in July, amid weaker growth in new orders, data from IHS Markit showed on Monday.

The services purchasing managers' index, or PMI, fell to 52.9 in July from 53.6 in June. Economists had forecast a score of 53.5.

Any reading above 50 indicates an expansion in the sector.

New export orders contracted in July and outstanding works increased marginally. Employment level rose to the highest in three months.

Output prices increased slightly in July and the charges were not increased due to strong competition and desire to stimulate sales demand.

Business confidence remained below the historical trend in July.

The composite PMI fell to 51.7 in July from 52.1 in the previous month.

"Although growth was sustained at a solid clip, it was amongst the weakest seen in the past six years and meant that overall private sector expansion slipped to its lowest level since late 2013," Paul Smith, economics director at IHS Markit, said.

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