The Spain service sector contracted in June, but the rate of decline slowed from the prior month, Markit Economics said Wednesday.
The headline seasonally adjusted Purchasing Managers' Index rose to 43.4 in June from 41.8 in May.
The reading below 50 indicates contraction in the sector. Activity has now fallen on a monthly basis throughout the past year.
The survey showed that new business eased sharply again and firms lowered employment. At the same time, input costs decreased for the first time in five months, and companies cut output prices sharply in the face of strong competition.
The manufacturing PMI fell to 41.1 in June, the lowest since May 2009. "When combined with the manufacturing release from earlier in the week, the PMI data point to a further contraction in GDP during Q2," said Andrew Harker, economist at Markit.
by RTT Staff Writer
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