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Services PMI in Spain eased to 56.80 points in June from 56.90 points in May 2024, a 13-month peak.
Key findings include: concurrent rises in activity and sales recorded; employment growth remains elevated; higher wages push up operating costs markedly.
“The Spanish services sector remains unshaken. After the PMI for Spain’s manufacturing sector lost some growth momentum in June following the European elections, the services sector maintains its pace. The growth results from continued high demand, which has been further strengthened, exclusively from abroad. Expectations for the future dipped a bit but still remained solid. Some panellists believe that activity is still going to increase due to lower inflation and interest rates in a year’s time. Supported also by these high expectations for the future, companies are trying to hire more workers. The efforts also seem to be yielding initial results, as workloads can increasingly be managed.”” said Jonas Feldhusen, Junior Economist at Hamburg Commercial Bank.
The HCOB Spain Composite PMI declined to 55.8 in June 2024 from 56.6 in May which was the highest reading since March 2023.
ETFs: (EWP), (EUFN)