The HCOB Spain Services PMI fell to 54.9 in October 2024, from a one-and-a-half-year high of 57 in September, falling short of market expectations of 56.8. Nonetheless, this marked the fourteenth consecutive month of expansion, indicating sustained growth. New business orders rose for the eleventh straight month, driven by effective marketing and robust demand both domestically and internationally. In response, firms continued to expand their workforce, with staffing levels reaching their highest since April 2023, though capacity pressures remained, with backlogs of work rising for the tenth month in a row. On the pricing front, input costs surged well above trend levels, mainly due to salary increases, leading firms to pass on these costs to clients through higher output charges. Lastly, confidence for the year ahead remained strong, with firms expecting planned commercial initiatives and facility expansions to boost activity over the next 12 months. source: S&P Global
Services PMI in Spain decreased to 54.90 points in October from 57 points in September of 2024. Services PMI in Spain averaged 51.94 points from 2011 until 2024, reaching an all time high of 62.50 points in June of 2021 and a record low of 7.10 points in April of 2020. This page provides the latest reported value for - Spain Services PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.
Services PMI in Spain decreased to 54.90 points in October from 57 points in September of 2024. Services PMI in Spain is expected to be 50.20 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations.