Spain: Composite PMI declines in June
The HCOB Composite Purchasing Managers’ Index (PMI) fell to 52.6 in June from May’s 55.2. Consequently, the index remained above the 50-threshold, pointing to a continued, yet slower, improvement in business activity from the previous month.
The HCOB Manufacturing PMI dropped to 48.0 in June from 48.4 in May. A sharper contraction in new orders translating into another downturn in output was mainly behind the deterioration. Moreover, headcounts were cut. On the price front, input costs dropped for the fourth consecutive month and at the fastest clip in over three years, leading output prices to fall again.
The S&P Global Services PMI dropped to 53.4 in June from 56.7 in May. Softer increases in activity, new orders and employment were behind the decline in the headline print. Meanwhile, input and output price inflation moderated but remained historically high due to strong wage pressures. Lastly, business confidence improved, boosted by hopes of stronger tourist-led demand ahead.