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Investing.com -- Italy’s service sector continued to expand in August but at the slowest pace since January, according to survey data released Wednesday.
The HCOB Purchasing Managers’ Index (PMI) for services fell to 51.5 in August from 52.3 in July.
While the reading remained above the 50.0 mark that separates growth from contraction, the slower expansion raises concerns about the recovery of Italy’s economy.
This marks the ninth consecutive month of growth for Italy’s service sector, though the pace has decelerated significantly.
The August reading brings the index closer to the threshold between expansion and contraction, potentially signaling challenges ahead for the country’s economic outlook.
The slowing service sector growth dampens hopes for a robust recovery in Italy’s economy, which has been struggling with sluggish performance.
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