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Financial News: Spain's Services Growth Moderates In January

Spain's Services Growth Moderates In January

02/03/2017 - 04:56:00 (RTTNews)

(RTTNews) - Spain's service sector expanded at a slightly slower pace in January, survey data from IHS Markit showed Friday.

The services Purchasing Managers' Index fell more-than-expected to 54.2 in January from 55.0 in the prior month. The expected reading was 54.7. However, the indicator still signaled a solid monthly increase in activity.

Services output has now risen in each of the past 39 months, but the latest expansion was the slowest since July last year.

New orders rose markedly, with the rate of expansion quickening to the fastest in four months.

Companies continued to increase their staffing levels in January amid higher client demand.

The rate of cost inflation quickened for the second month running and was the fastest since March 2011.

Companies passed higher cost burdens on to clients. Overall, charges were up only marginally on the previous month.

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