La sagrada familia in Spain

Spain PMI August 2023

Spain: Composite PMI declines in August

The HCOB Composite Purchasing Managers’ Index (PMI) fell to 48.6 in August from July’s 51.7. Consequently, the index moved below the 50-threshold, pointing to worsening business activity from the previous month and marking the first deterioration in private sector operating conditions since December 2022.

The HCOB Manufacturing PMI dropped to 46.5 in August from 47.8 in July. Sharper contractions in output, new orders and input buying were behind the decline. On the flipside, headcounts were added for the first time in three months. On the price front, input costs dropped for the sixth consecutive month, leading output prices to fall for the fifth consecutive month.

The HCOB Services PMI fell to 49.3 in August from 52.8 in July, marking the first contraction in operating conditions since October 2022. The decline in the headline print was driven by contractions in activity and new orders as well as softer growth in employment. Meanwhile, input price inflation accelerated, while output price inflation moderated. Lastly, business confidence strengthened but remained historically subdued.

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