(RTTNews) - Activity in Brazil's service sector increased at a slower pace in August, data from a survey conducted by HSBC Bank and Markit Economics showed Monday.
The HSBC Services Business Activity Index dropped to 52.2 in August from 53.7 in July. An index reading above 50 indicates expansion in the sector, while one below suggests decline.
New business in Brazilian service sector increased in August, though at the slowest pace in 14 months. Employment in the service sector increased markedly during the month. Service providers recorded higher input prices in August, and consequently passed on greater cost burdens to clients by raising output charges.
At the same time, the composite business activity index, which measures performance of the entire private sector, dropped to 49.6 in August from July's reading of 51.4, ending a two-year period of expansion.
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