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Spain's service sector contracts for the first time since last October
August survey data signalled a renewed contraction in Spain's service sector as activity levels and new business both declined for the first time since last October. The fresh reductions were accompanied by a further slowdown in employment growth with the rate of job creation now the weakest since January. Elsewhere, the pace of input cost inflation gathered pace to reach a three-month high. Nevertheless, output charges rose at the slowest rate in just under two years. Despite the broader negative trends recorded in August, Spanish service providers were more optimistic about the future than in July. The headline ... (full story)