Spain December services PMI 51.6 vs 50.8 expected

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Spain December services PMI 51.6 vs 50.8 expected

<ul><li>Prior 51.2</li></ul><p style="" class="text-align-justify">Spain's services sector rounded off 2022 in modestly positive fashion, with overall activity and new business both up in the final month of the year. Demand conditions were marginally better but the outlook remains pessimistic as confidence remains shot and worries about inflation continue to play out. S&P Global notes that:</p><p style="" class="text-align-justify">"The Spanish service sector more than held its ground at the end of year, registering back-to-back rises in activity and new business. Although modest, when viewed through the prism of widespread cost pressures and ongoing economic uncertainty, the latest data point to reasonable sector performance, even more so when we add in another month of employment gains. </p><p style="" class="text-align-justify">"However, ongoing high <a href="https://www.forexlive.com/terms/i/inflation/" target="_blank" id="ad51a5a2-1afc-4f42-9e62-ea6faf6f90fa_2" class="terms__main-term">inflation</a> and reports of suppliers seeking to repair margins add to worries that price pressures will remain elevated and weigh on activity and consumption for some time to come. Indeed, this remains the overwhelming worry for many firms at the start of 2023, and as a result, confidence in the outlook remained historically subdued."</p>

                This article was written by Justin Low at www.forexlive.com.

Source: Spain December services PMI 51.6 vs 50.8 expected

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