Snow Helped Weaken Jan Svcs PMI: IHS Markit

Spanish Jan Services PMI came in much weaker than expectations, at 41.7 (45.0 expected, 48.0 prior). COVID lockdowns obviously a factor, but so too was weather. From the IHS Markit release:

• "the effects of local restrictions related to dealing with COVID-19 continued to have a noticeable and negative impact on the performance of the services economy. Moreover, the situation was exacerbated by recent snowstorms, which reportedly further weighed on market activity. Subsequently, volumes of new business were also down for a seventh month in succession, with the rate of contraction accelerating since the end of last year. Both domestic and foreign sales were lower: new export business declined for a twenty-first month in a row, and at the sharpest rate since October."