Spain’s service sector expanded at the weakest pace in more than one year in January, but less-than-expected, survey data from Markit Economics showed Wednesday.
The headline seasonally adjusted Business Activity Index dropped to 54.6 in January from 55.1 in the previous month. Economists had expected the index to fall to 54.3,
However, any reading above 50 indicates expansion in the sector. Moreover, the latest reading was the lowest since December 2014.
New orders continued to rise in January and the rate of growth picked up slightly from December.
Rising new orders added to capacity pressures at companies. Consequently, service providers raised their staffing levels further in January.
On the price front, input price inflation remained muted amid reports of lower fuel prices. At the same time, output prices dropped for the third straight month in January.
The material has been provided by InstaForex Company – www.instaforex.com