Services PMI falls to 52.4 in August on slower rate of increase in output

Growth in services activity slowed in August, after expanding to a 12-month high in the previous month, presenting a volatile picture in the biggest sector of the economy.

The widely tracked IHS Markit purchasing managers' index (PMI) showed the PMI fell to 52.4 in August from 53.8 in July because of a slower rate of increase in output. A reading below 50 reflects contraction, while one over 50 denotes expansion in PMI parlance.

The services sector continuing to be on the growth path after contracting in June was, however, a consolation. This way the sector has seen a fluctuating situation in the