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Spain PMI April 2024

Spain: Service sector PMI ticks up in April

The HCOB Spain Services Purchasing Managers’ Index (PMI) rose to 56.2 in April from 56.1 in March. As a result, the index moved further above the 50.0 no-change threshold, and signaled a faster improvement in services sector business activity compared to the previous month.

The increase in the Services PMI was primarily driven by an improvement in new business volumes, despite a slowdown in the growth rate compared to March, reaching a three-month low. The service sector also saw a rise in employment for the nineteenth consecutive month, responding to capacity pressures and a solid increase in backlogs of work, which was the strongest in a year, reflecting sustained new business growth.

On the pricing front, input price inflation in the service sector fell to a nine-month low in April, yet costs continued to rise at a historically elevated pace, driven mainly by higher salaries and generally higher prices charged by vendors, including increased energy costs. Despite the slowdown, output charges continued to rise at an elevated rate, although this increase was the lowest recorded so far in 2024, indicating a complex environment for pricing strategies amidst high optimism for future business activities and sales.

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