Spain: Composite PMI increases in January
The S&P Global Composite Purchasing Managers Index (PMI) rose to 51.6 in January from Decembers 49.9. Consequently, the index moved above the 50-threshold, signaling an improvement in business activity from the previous month.
The S&P Global Manufacturing PMI rose to 48.4 in January from 46.4 in December. Both output and new orders contracted at a softer pace, while employment remained unchanged from the previous month. Meanwhile, confidence strengthened thanks to improved expectations with regard to product launches, expansion plans and upcoming projects. On the price front, both input and output prices increased at a softer pace than in December.
The S&P Global Services PMI rose to 52.7 in January from 51.6 in December. Faster increases in new orders and activity supported the reading. Moreover, jobs were added at a sustained pace. On the price front, input cost inflation slowed to the lowest level in 15 months. However, output inflation accelerated. Lastly, business confidence strengthened, although it remained below its historical average.