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Spanish Service Sector Contracts In March
05 April 2011 @ 15:34

(RTTNews) - Spain's service sector activity declined in March, after expanding in the previous month, survey data from Markit Economics showed Tuesday.

The headline business activity index for the service sector dropped to 48.7 in March from 50.8 in February. A reading above 50 indicates expansion in the sector, while one below suggests decline.

New orders declined marginally from the previous month due to lower consumer demand. Companies continued to reduce output prices amid intense competition and weak demand, while input cost inflation accelerated, led mainly by higher fuel costs.

Employment dropped for the thirty-seventh successive month in March, as companies in the service sector restructured their workforces.

Source: RTT News

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