Activity in services sector drops again

Business activity in the services sector fell for a third consecutive month in July, with the rate of decline accelerating, according to latest data.

That said, the latest edition of the monthly Services PMI (purchasing managers’ index) from NCB Stockbrokers, claims last month’s fall in activity was “only marginal”, with the overall level of positive sentiment among companies stronger than that seen in June.

“Companies expect activity to increase over the coming year, amid improving economic conditions, as well as new products and marketing strategies. The level of positive sentiment was slightly stronger than seen in June, but weaker than the series average,” NCB noted.