- Services PMI 56.2 vs. 56 expected and 56.1 prior.
- Composite PMI 55.7 vs. 55.3 prior.
Key findings:
- Stronger gain in activity, despite slower new business growth.
- Job numbers increase sharply.
- Inflation rates remain elevated.
Comment:
Commenting on the PMI data, Jonas Feldhusen, Junior Economist at Hamburg Commercial Bank, said:
“Spanish service providers continuously impress with their performance. The HCOB PMI confirms the upswing in the services sector – activity remains consistently positive in April. The associated index remains at a high level at 56.2 points.
“Activity is driven by a consistently high order situation. Despite recent tensions due to high demand for Spanish services abroad, particularly in tourism, leading to domestic political unrest such as protests in Gran Canaria, foreign orders are still growing. Spanish service providers continue to look optimistically towards the future. Although the associated Future Activity index has slightly decreased, it remains above its long-term average.
“On the price front, concerns persist as service providers continue to grapple with rising input costs. There remains hope however as inflation momentum slowed for the second consecutive month. It is pleasing for consumers that this momentum is also reflected in sales prices, allowing companies to implement price increases at a slightly slower pace.”
