Service sector business falls for first time in six months

BUSINESS activity in the service sector fell for the first time in six months in September, wiping out the strong growth seen in June and July.

The latest monthly purchasing managers’ index (PMI) for the service sector by NCB Stockbrokers showed a drop below the neutral 50 point mark in the headline activity index, to 48.8 points, compared with 52.9 points in August.

“Anecdotal evidence suggested that the fall in activity partly reflected a drop in new order levels amid a slowdown in the wider economy,” the commentary said.