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Financial News: Spain's Service Sector Growth Accelerates In September

Spain's Service Sector Growth Accelerates In September

10/04/2017 - 03:26:00 (RTTNews)

(RTTNews) - Spain's service sector activity expanded at a faster pace in September on new order growth, data from IHS Markit showed Wednesday.

The headline services Purchasing Managers' Index rose to 56.7 in September from 56.0 in August. Activity has now risen in each of the past 47 months.

New orders climbed across the service sector for the fiftieth month running, with the latest growth strongest since August 2015.

Responding to higher workloads, service providers increased their staffing levels solidly in September.

Input prices rose at a solid pace, albeit one that was the weakest for a year. While input cost inflation eased in September, the pace at which service providers increased their output prices quickened.

"Over the quarter as a whole, we look to have seen only a slight slowdown from second quarter, suggesting a further robust GDP reading is likely," Andrew Harker, an associate director at IHS Markit said. IHS Markit currently forecasts growth of 0.7 percent for third quarter.

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