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Investing.com -- Spain’s service sector growth slowed in August but maintained a solid pace, supported by strong demand that enabled businesses to increase prices, according to data released Wednesday.
The HCOB Spain Services Purchasing Managers’ Index (PMI) dropped to 53.2 in August from 55.1 in July, S&P Global reported. Despite the decline, the August reading remained higher than June’s 51.9 and May’s 51.3.
The index stayed above the 50.0 mark, which separates growth from contraction, indicating the Spanish service sector continued to expand.
The data showed that robust demand conditions allowed Spanish service providers to raise their prices during the month.
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