Spain: Services PMI rises in August
The HCOB Spain Services Purchasing Managers’ Index (PMI) improved to 54.6 in August from 53.9 in July. As a result, the index moved further above the 50.0 no-change threshold, and signaled a faster improvement in services-sector business activity compared to the previous month.
The stronger increase in business activity was supported by a rise in new orders, including new export business, though the rate of growth softened compared to July. Employment rose for the twenty-third consecutive month, reflecting firms’ efforts to manage higher workloads and backlogs, which increased for the eighth successive month.
On the price front, input cost inflation was the slowest since March 2021, while output charges inflation ticked up as firms aimed to protect margins. Lastly, business sentiment dropped to an eight-month low, reflecting some uncertainty in the outlook.