Spain: Composite PMI increases in December
The S&P Global Composite Purchasing Managers (PMI) rose to 49.9 in December from Novembers 49.6. However, the index remained marginally below the 50-threshold, signaling another contraction in business activity from the previous month.
The S&P Global Manufacturing PMI ticked up to 46.4 in December from 45.7 in November. Both output and new orders contracted at softer, albeit still-pronounced paces due to shrinking demand and high inflation, while employment remained unchanged following five months of reductions. Meanwhile, confidence remained downbeat but strengthened thanks to expectations of a recovery in sales and consumption in the coming 12 months. On the price front, both input and output prices increased at a softer pace than in November.
The S&P Global Services PMI rose to 51.6 in December from 51.2 in November. New orders continued to increase during the month, as did activity. Moreover, jobs were added at a sustained pace. On the price front, input cost inflation slowed to the lowest level since August. It remained high, however, mainly due to rising employment expenses. Consequently, output inflation decelerated but also remained elevated. Lastly, business confidence declined, weighed down by concerns over inflation depressing consumption ahead.