Latest data released by Markit - 3 December 2021
- Prior 56.6
- Composite PMI 58.3
- Prior 56.2
A solid bump in services activity, up to a three-month high, as a higher volume of incoming new business helped spur demand conditions last month.
That said, price pressures intensified with operating expenses increasing at the fastest rate in over 22 years as charges also followed a similar trend.
Markit notes that:
"Spain's service sector enjoyed a stellar November, expanding sharply on the back of a positive evolution of demand and new business. This encouraged firms to take on additional staff at a firmer rate as they struggled to keep on top of workloads.
"However, a number of downside risks to the outlook persist.
"Cost inflation shows no sign of abating, and this is being passed on to clients wherever possible, whilst foreign demand growth remains weak.
"With concerns rising over new emerging lockdowns and restrictions due to COVID also reported, there is a feeling that the sector's current rate of expansion will be hard to sustain in the coming months."
