This marked the fifth consecutive month of decline in service sector activity. A reading below 50 indicates contraction in activity.
New orders in the service sector increased in July, though at a marginal rate. Subsequently, outstanding work continued to fall sharply.
Job shedding increased at the fastest rate since
Meanwhile, business expectations improved to the highest level in five months, but remained historically weak.
In the private sector, employment levels declined for the thirteenth successive month in July.
On the price front, inflationary pressures remained subdued in July. Input costs rose at a slower rate in the service and manufacturing sectors and output price inflation slowed to a five-month low.
"The improvement of manufacturing activity last month doesn't look sustainable to us amid weak export demand on the back of geopolitical tensions. Indeed, we mainly attribute the manufacturing output upsurge to a temporary adjustment of production activity after substantial de-stocking in the previous months."
"The July results probably don't accumulate in full the respondents' reaction on the Western sanctions against
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