European service industries grew at the weakest pace in two years in September after a jump in credit costs hurt banks.Royal Bank of Scotland Group Plc said today its services index fell to 54.2, the lowest since August 2005, from 58 in August. The index is based on a survey of purchasing managers by NTC Economics Ltd. and a reading above 50 indicates expansion. The figure is above a Sept. 21 estimate of 54.
Italian services hit a level of 53.9:
But perhaps most shocking of all is the decrease in the rate of expansion in German services, which dropped from a level of 59.8 in August to one of 53.1 in September.