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Financial News: Spain's Services Activity Growth Weakens In July

Spain's Services Activity Growth Weakens In July

08/03/2018 - 06:03:00 (RTTNews)

(RTTNews) - Spain's services activity expanded at a considerably slower pace in July, data from IHS Markit showed Friday.

The services Purchasing Managers' Index fell to 52.6 in July from 55.4 in June. The rate of growth was the weakest since November 2013. Nonetheless, a reading above 50 indicates expansion.

New orders grew at the weakest pace in 19 months in July. Companies continued to increase their staffing levels at one of the sharpest rates in the past 11 years.

The rate of input cost inflation remained elevated in July. Efforts to improve profitability amid sharp cost inflation led companies to raise their output prices.

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