The main reason for the decline was the slowdown in the number of new orders, which has been going on for seven months. Nevertheless, companies continue to expand their staff, hiring employees on full and partial schedules.
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According to analysts at S&P Global, the service sector is facing a strain on production capacity. Despite this, industry representatives remain confident in the future. They forecast production growth in the coming year and expect demand to improve.
The drop in the PMI index may be a reason for businesses and regulators to pay attention to the need for support measures to restore activity in the service sector. Recall that the index value above 50 points, however, means moderate growth.
