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Financial News: Spain Service Sector Growth Hits 5-Month High

Spain Service Sector Growth Hits 5-Month High

08/05/2020 - 07:59:00 (RTTNews)

(RTTNews) - Spain's service sector grew at the fastest pace in five months in July, data from IHS Markit showed Wednesday.

The headline Purchasing Managers' Index rose to 51.9 in July from 50.2 in June. This was the highest reading since February. A score above 50 indicates expansion.

The survey showed that incoming new business disappointed and firms continued to operate below capacity.

Jobs were reduced again, whilst expectations remained historically subdued. Operating expenses rose further, but profitability was again under pressure as firms reduced output prices.

The private sector economy returned to growth in July, expanding for the first time in five months as both manufacturing and service sector activity increased.

The composite output index advanced to 52.8 from 49.7 in the previous month, to signal a solid rate of growth that was the best since April 2019.

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