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Financial News: Spain's Service Sector Growth Slows In October

Spain's Service Sector Growth Slows In October

11/06/2019 - 03:34:00 (RTTNews)

(RTTNews) - Spain's service sector logged the slowest growth in over a year in October as political and economic uncertainties weigh on sales, survey data from IHS Markit showed Wednesday.

The services Purchasing Managers' Index fell to 52.7 in October from 53.3 in September.

A score above 50 indicates expansion. Although the sector expanded for six years, the pace of growth was weakest since September 2018.

New orders climbed at the slowest pace in three months. Main driver of growth was domestic demand, while export business declined at a record pace.

On the jobs front, employment also rose at a weaker pace in October. Data showed that input costs increased sharply reflecting higher staffing costs.

Although confidence about the future remained positive, economic and political uncertainties, both within and outside of Spain, continued to undermine the outlook.

The overall private sector economy posted another slowdown as weaker gains in service sector activity occurred concurrently with ongoing falls in manufacturing output.

The composite output index came in at 51.2 in October versus 51.7 in September. This was the lowest score since November 2013.

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