October 03, 2024 07:21 GMT
SPAIN DATA: Strongest Services PMI Since April 2023
SPAIN DATA
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The Spanish services PMI reached its highest since April 2023 at 57.0 in September, exceeding the 54.0 consensus (and last month’s 54.6). Spanish economic outperformance has been a theme throughout this year, and was also reflected in Tuesday’s manufacturing PMIs.
The release does not indicate a large risk of a demand-driven uptick in inflation though, with output charge inflation maintaining a downward trend.
Key notes from the release:
- “Panellists pointed to firmer market demand as the key enabler of higher activity growth in September”… “Growth was also principally domestic led”.
- “Employment growth was the strongest for 17 months as firms sought to bolster their workforce numbers in response to higher workloads”.
- “Labour costs were reported as the primary driver of overall input cost inflation”… “There were also some reports of higher prices being paid for utilities”.
- “Output charges were subsequently raised at the same pace as July and therefore at the joint-weakest pace in the past three years”.
- “Latest data also indicated an easing in the degree to which costs were passed onto clients during September”.
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