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Financial News: Spain's Service Sector Growth Improves In June

Spain's Service Sector Growth Improves In June

07/03/2019 - 03:37:00 (RTTNews)

(RTTNews) - Spain's service sector growth improved to the most in last three months in June on stronger gains in new work, data from IHS Markit showed Wednesday.

The Purchasing Managers' Index rose to 53.6 in June from 52.8 in May. A score above 50 indicates expansion.

There was firmer gain in new business, predominantly driven by the domestic market. Service providers took additional staff but growth was the weakest in over two-and-a-half years.

June marked a fifty-second successive monthly increase in input costs, although the latest rate of inflation was the weakest for 21 months. Charge inflation was the lowest recorded by the survey since last October.

Finally, confidence regarding future activity remained in positive territory.

The composite PMI held steady at 52.1 in June. The pace of private sector expansion was the weakest in five-and-a-half years.

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