HCOB Spain Services PMI. November 2024
December 6, 2024
Madrid, Spain – The HCOB Spain Services Purchasing Managers’ Index (PMI) increased to 56.0 in November 2024, up from 54.9 in October, according to data released by S&P Global Market Intelligence. This indicates a continued expansion in the Spanish services sector, although the pace of growth slowed down slightly.
The uptick in the headline PMI was driven by a rise in new business, which increased at the fastest rate since June 2022. However, new export orders declined for the fourth consecutive month, indicating weakness in external demand.
Business sentiment remained positive, with firms optimistic about future business conditions. The Business Expectations Index rose to 68.5, the highest level since April 2022, suggesting that businesses expect the sector to continue to expand in the coming months.
Employment in the services sector increased at a solid pace in November, with the Employment Index rising to 54.2. This suggests that businesses are still hiring, although the rate of job creation has slowed down slightly.
Input costs continued to rise in November, with the Input Prices Index increasing to 62.5, the highest level since June 2022. Higher input costs are putting pressure on profit margins, which could lead to higher prices for consumers in the future.
Overall, the HCOB Spain Services PMI indicates continued growth in the Spanish services sector, although the pace of growth has slowed down slightly. Rising input costs and a decline in new export orders remain concerns for businesses. However, positive business sentiment and solid employment growth suggest that the sector is likely to continue to expand in the coming months.
Additional Notes:
- The HCOB Spain Services PMI is a composite index that measures the performance of the Spanish services sector based on a survey of purchasing managers.
- A reading above 50 indicates expansion, while a reading below 50 indicates contraction.
- The PMI is a widely used indicator of economic activity and is closely watched by financial markets and policymakers.
HCOB Spain Services PMI. November 2024
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