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Spain August services PMI 50.6 vs 52.9 expected

Started by forex4you, Sep 05, 2022, 01:43 pm

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Spain August services PMI 50.6 vs 52.9 expected

<ul><li>Prior 53.8</li></ul><p style="" class="text-align-justify">The Spanish services sector slows down to near stagnation last month as new business slumped and confidence remains subdued. The only slight positive is that inflation pressures have eased but this is the lowest growth recorded by the survey since the start of the year. S&P Global notes that:</p><p style="" class="text-align-justify">"Spain's economy headed towards stagnation during August as the service sector followed manufacturing by posting only marginal growth. High inflation and general market instability again dominated company reports on their current situation, and fears that these will continue to negatively impact on clients in the months ahead adds to concerns that the economy is heading into a challenging winter and possible recession. Indeed, new business volumes have already turned negative, and hiring growth is subsequently being held back. </p><p style="" class="text-align-justify">"Perhaps one glimmer of hope is that price trends are showing relative improvement as the softening demand environment reduces some inflationary pressures. However, despite easing again, <a href="" target="_blank" id="ad51a5a2-1afc-4f42-9e62-ea6faf6f90fa_3" class="terms__main-term">inflation</a> rates for operating expenses and output charges remain elevated and still well above historical norms."</p>

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Source: Spain August services PMI 50.6 vs 52.9 expected
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