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SPAIN DATA: October Services PMI Below Consensus, But Still Expansionary

SPAIN DATA

The Spanish October services PMI remained in expansionary territory at 54.9, but was unable to meet analyst expectations of 56.6 (vs 57.0 prior). The composite PMI was 55.2 (vs 56.3 cons and prior), following Monday’s strong manufacturing PMI.

There were some indications that the strong services activity levels are feeding through into increased inflationary pressures. Note that Spanish services HICP inflation was 3.4% Y/Y in September (vs 3.7% prior).

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The Spanish October services PMI remained in expansionary territory at 54.9, but was unable to meet analyst expectations of 56.6 (vs 57.0 prior). The composite PMI was 55.2 (vs 56.3 cons and prior), following Monday’s strong manufacturing PMI.

There were some indications that the strong services activity levels are feeding through into increased inflationary pressures. Note that Spanish services HICP inflation was 3.4% Y/Y in September (vs 3.7% prior).

Keep reading...Show less