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Muted growth of Spanish service sector in July
Spain’s service sector grew for a second successive month during July, but only modestly as levels of incoming new business disappointed and firms continued to operate below capacity. Jobs were again cut, whilst expectations remained historically subdued. Operating expenses rose further, but profitability was again under pressure as firms enacted another round of output price discounting. July’s headline Business Activity Index, which is based on a single question asking firms to comment on developments in their activity since the previous month, posted above the 50.0 no-change mark for a second successive survey ... (full story)