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HCOB Spain’s services PMI came in at 54.6 in August, up from 53.9 in July and above the market consensus of 54.5.
The composite PMI rose to 53.5 in August 2024, from 53.4 in the previous month, to mark the ninth consecutive month of expansion, and at a solid pace.
Key findings include: growth rising despite weaker job growth; cost inflation slowing since March 2021; confidence at eight-month low.
“Demand continues to drive the Spanish service sector. Activity in the Spanish service sector accelerated in August, supported by a solid order intake from both the domestic and international markets. Although the growth rates of new orders are slightly weaker than in the previous month, service providers continue to actively hire new staff as the job backlog continues to increase,” says Jonas Feldhusen, junior economist at Hamburg Commercial Bank.
ETF: (EWP), (EUFN)