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Spain PMI May 2023

Spain: Composite PMI declines in May

The HCOB Composite Purchasing Managers’ Index (PMI) fell to 55.2 in May from April’s 56.3. Consequently, the index remained above the 50-threshold, signaling an improvement in business activity from the previous month.

The HCOB Manufacturing PMI fell to 48.4 in May from 49.0 in April. A sharper contraction in new orders translating into a downturn in output was mainly behind the deterioration. Moreover, employment growth was the weakest in four months. On the price front, input costs dropped for the third consecutive month and at the fastest clip since May 2020, while output prices fell at the sharpest pace since August 2020.

The S&P Global Services PMI dropped to 56.7 in May from 57.9 in April. Softer, yet still robust, increases in activity, new orders and employment were behind the decline in the headline print. Meanwhile, input and output price inflation moderated but remained strong. Lastly, business confidence weakened, although it remained optimistic overall amid hopes of stronger demand ahead.

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