SPAIN DATA
In contrast to the Spanish manufacturing PMI, services firms passed on increased input costs (which were largely wage-driven) to consumers, keeping output charge inflation elevated.
Key notes from the release:
- “Firms commented that sales volumes had simply risen on the back of higher market demand”.
- “Panellists commented that job creation reflected a mixture of current and expected activity requirements”.
- “Companies are widely expecting that macroeconomic conditions will improve in the coming 12 months, helped by lower interest rates and reduced inflation”.
- “Labour expenses were seen as being a key contributor to another round of higher operating costs. Whilst inflation was lower compared to May, it remained elevated and well above its historical trend”.
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