Spain: Composite PMI vistually unchanged in October
The HCOB Composite Purchasing Managers’ Index (PMI) dipped to 50.0 in October from September’s 50.1. Consequently, the index landed on the 50-threshold, which separates improving business activity from deteriorating business activity compared to the previous month.
The HCOB Manufacturing PMI fell to 45.1 in October from 47.7 in September. Faster contractions in output and new orders were behind the downbeat reading Moreover, headcounts were cut at a sharper pace. On the price front, input costs dropped for the eighth consecutive month, leading output prices to fall for the seventh consecutive month and at a marked pace overall.
Meanwhile, the HCOB Services PMI increased to 51.1 in October from 50.5 in September. The rise in the headline print was driven by another month of expansion in activity and new orders as well as continued employment growth. Meanwhile, input price inflation remained strong, as did output price inflation. Lastly, business confidence remained in positive terrain but was again below trend.
The HCOB Manufacturing PMI fell to 45.1 in October from 47.7 in September. Faster contractions in output and new orders were behind the downbeat reading Moreover, headcounts were cut at a sharper pace. On the price front, input costs dropped for the eighth consecutive month, leading output prices to fall for the seventh consecutive month and at a marked pace overall.
Meanwhile, the HCOB Services PMI increased to 51.1 in October from 50.5 in September. The rise in the headline print was driven by another month of expansion in activity and new orders as well as continued employment growth. Meanwhile, input price inflation remained strong, as did output price inflation. Lastly, business confidence remained in positive terrain but was again below trend.