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Higher services employment feeding through to higher services inflation

SPAIN DATA
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The Spain services PMI shows that increased employment levels was pushing wages higher and these cost increases were being passed on. This theme was not picked up so much in the press release for the Eurozone-wide flash PMI data for the month - but if it became more widespread would start to create issues for the ECB. Highlight from the press release:

  • "The net increase in staffing levels was the steepest recorded by the survey since May 2023."
  • "There were many reports from panellists that higher employment costs, alongside generally increased prices, had pushed up operating expenses to the greatest degree since last May. Taking advantage of a better demand environment, panellists chose to pass on higher operating costs wherever possible and increased their own charges in January. Overall, inflation accelerated at the start of 2024 for the fifth month running and reached its highest-level since May 2023."
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The Spain services PMI shows that increased employment levels was pushing wages higher and these cost increases were being passed on. This theme was not picked up so much in the press release for the Eurozone-wide flash PMI data for the month - but if it became more widespread would start to create issues for the ECB. Highlight from the press release:

  • "The net increase in staffing levels was the steepest recorded by the survey since May 2023."
  • "There were many reports from panellists that higher employment costs, alongside generally increased prices, had pushed up operating expenses to the greatest degree since last May. Taking advantage of a better demand environment, panellists chose to pass on higher operating costs wherever possible and increased their own charges in January. Overall, inflation accelerated at the start of 2024 for the fifth month running and reached its highest-level since May 2023."