Spain’s services sector growth eased for the second straight month in September, Markit Economics showed Monday.
The services Purchasing Managers’ Index dropped to 55.1 in September from 59.6 in August. The reading continued to signal marked growth of services activity, albeit the slowest in 2015 so far.
The rate of expansion in new business also eased sharply in September and was the slowest since November 2014. The rate of job creation was the slowest in seven months.
Cost inflation remained relatively muted in September, having eased for the second month running. Strong competitive pressures led to a reduction in output prices at service providers, ending a three-month sequence of inflation.
“Combined with a growth slowdown in the manufacturing sector, this suggests that the upturn in Spain may have peaked during the third quarter of the year,” Andrew Harker, senior economist at Markit said.
“The rest of the year will be crucial in determining whether the Spanish economy continues to improve or eases back towards stagnation,” added Harker.
The material has been provided by InstaForex Company – www.instaforex.com