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Spain PMI September 2023

Spain: Composite PMI rises in September

The HCOB Composite Purchasing Managers’ Index (PMI) rose to 50.1 in September from August’s 48.6. Consequently, the index moved marginally above the 50-threshold, pointing to improving business activity from the previous month.

The HCOB Manufacturing PMI remained stable at 47.7 in September. Contractions in output, new orders and input buying were behind the downbeat reading Moreover, headcounts were cut notably. On the price front, input costs dropped for the seventh consecutive month, leading output prices to fall for the sixth consecutive month.

The HCOB Services PMI increased to 50.5 in September from 49.3 in August. The rise in the headline print was driven by rebounds in activity and new orders as well as faster growth in employment. Meanwhile, input price inflation accelerated, as did output price inflation. Lastly, business confidence fell to the lowest level so far this year although it remained in positive terrain.

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