Service sector output continued to decline in August and the rate of contraction accelerated to its fastest for two-and-a-half years, according to the latest HCOB PMI® survey conducted by S&P Global. The downturn in business activity was accompanied by a solid reduction in new order volumes and a slowdown in job creation to its weakest since last November. Inflationary pressures moderated again in August, despite many reports citing higher salary payments. Input costs increased at the slowest pace for two years, while prices charged inflation dipped to a 27-month low. At 46.0 in August, down from 47.1 in July, the ... (full story)