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Services PMI Strong, But Nagging Inflation Concerns Linger

SPAIN DATA
A strong beat for March Spanish services PMI (59.4 vs 57.5 expected, 56.7 prior), highest since Nov 2021. A limited market reaction but another sign of resilience in the Eurozone economy as a whole, even as Manufacturing PMIs tell a less optimistic story.
  • From the S&P Global report: "Amid reports of a resilient domestic demand environment, growthrates for activity and new business quickened to 16-month highs and workforce numbers continued to increase. That said, pricing pressures remained sticky" with output costs rising at the strongest rates on record.
  • Foreign demand has been crucial, with "A sustained increase in inflows of new business from abroad" supporting the overall picture.
  • Indeed, sticky inflation provided the only real negatives in the report: "while an overall sense of optimism was still maintained, the degree of confidence fell to the lowest level in three months, down from February's ten-month high"- mainly on inflation concerns.
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