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Spain PMI January 2024

Spain: Composite PMI rises in January

The HCOB Composite Purchasing Managers’ Index (PMI) rose to 51.5 in January from December’s 50.4. Consequently, the index moved further above the 50-threshold, pointing to improving business activity from the previous month.

The HCOB Manufacturing PMI rose to 49.2 in January from 46.2 in December. Softer contractions in output, new orders and employment were behind the reading. On the price front, input costs dropped for the eleventh consecutive month, leading output prices to fall for the tenth consecutive month, although both fell at softer clips. Lastly, sentiment strengthened amid hopes of improving demand ahead.

The HCOB Services PMI increased to 52.1 in January from 51.5 in December. Activity expanded at a faster clip amid rising new orders. Menwhile, employment expanded for the 16th consecutive month and at an accelerating pace. On the price front, input and output price inflation accelerated. Lastly, business confidence improved amid hopes of a better economic climate.

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