London: Growth in the euro zone’s dominant service sector eased for the fifth consecutive month in August, expanding at its weakest pace in two years, as new orders in the private sector shrank for the first time since August 2009.
According to a survey conducted by Markit’s Eurozone Services Purchasing Managers’ Index (PMI) nudged down to 51.5 last month from 51.6 in July, its lowest reading since September 2009 but in line with an earlier flash reading.
The index has been above the 50 mark that divides growth from contraction for two years but Markit warned that unless business conditions improve, the euro zone economy risks contracting in the fourth quarter.
Elsewhere, activity in Britain’s dominant services sector slowed at the fastest pace in a more than a decade last month, and firms’ confidence in future business weakened to a one-year low, adding to evidence of a stalling economic recovery.
The Markit/CIPS services purchasing managers’ index (PMI) fell to 51.1 in August from 55.4 in July. This was the second biggest fall on record, and confounded forecasts for a gentler drop to 54.0, although the index stayed above the 50 mark that divides growth from contraction.
Growth in the services sector in Ireland remained week last month, with business confidence falling to its lowest level since last November, according to the latest NCB Purchasing Managers’ Index, which was published today.
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