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Plateau in euro zone services growth

Plateau in euro zone services growth
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The recovery in the euro zone’s dominant service sector seems to be stalling.

Order books grew and companies hired staff at just a marginally faster rate in August.

That is according to the latest survey of purchasing managers measuring changes in activity at thousands of firms ranging from hotels to banks.

The service sector picked up in Germany and France and declined in Spain.

Growth of the region’s wider private sector slowed slightly last month.

The main index for activity in the service sector, which accounts for roughly two-thirds of the euro zone economy, rose to 55.9 in August from 55.8 in July.

Marking its 12th month above the 50 mark that divides growth from contraction, recent surveys suggest the service sector’s expansion has reached a plateau.

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