03.10.201803:32:00UTC+00Spain's Services Activity Growth Slows Marginally

Spain's services sector growth moderated in September, data from IHS Markit showed Wednesday.

The headline Purchasing Managers' Index fell to 52.5 in September from 52.7 in August, while it was forecast to rise to 52.9. Nonetheless, a score above 50 indicates expansion.

That said, the average reading for the third quarter of 2018 was the lowest since the fourth quarter of 2013.

Although both activity and new business continued to increase solidly, rates of expansion ticked down in September. Consequently, companies reduced the rate at which they took on extra staff.

Input prices continued to rise sharply in September despite the rate of inflation easing to a one-year low. A number of service providers were able to improve profitability by raising their output prices at the end of the third quarter.

Business confidence dropped for the fifth month running and was at a 61-month low in September.