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Services growth falls back in Aug
03 Sep 2015 07:07
Growth in the services sector fell in August from July's nine-year high as the pace of new business slowed after expanding at its fastest in a decade and a half in the previous month.
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After surging by over 5% last year, the economy is set to be the fastest growing in Europe again this year. Data last week showed retail sales volumes rose by almost 10% year-on-year in July.
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The Investec Purchasing Managers' Index of activity in services, which covers businesses from banks to hotels, fell to 62.1 from 63.4 in July.
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The index has stayed above the 50-point line separating growth from contraction for over three years.
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