Fall in services sector activity

BUSINESS activity in the country’s services sector fell to a new low in August, with the monthly NCB Stockbrokers PMI Services Index falling from 41.4 in July to 39.8; the lowest reading since the survey’s inception eight years ago.

While business confidence levels remained low, compared to previous high levels, they were improved in August, compared to July — that section of the index rising from 52.8 to 56.7.

New business levels were largely unchanged at 38.3, but employment levels — across the board — showed a sharp decline in the month, falling from 45.6 to 42.2.