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SPAIN DATA: Strongest Services PMI Since April 2023

SPAIN DATA

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.

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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.

Keep reading...Show less