Link Securities | S&P Global’s services PMI for Spain declined in July to 53.9, down from 56.8 in June, and also lower than the consensus forecast of 56.0. Thus, the reading assumes sustained growth in the Spanish services sector, but at its slowest rate of improvement since last January, due to a slowdown in new orders and output growth. Meanwhile, new export business grew solidly once again, maintaining a rate similar to that of June, its highest rate in fourteen months.
Pending work also picked up solidly and accelerated its pace, while employment continued its upward trend, although growth slowed to its slowest level since February. In the price segment, input prices increased from June, remaining above their historical average, mainly due to higher wage costs. In response, companies raised their selling prices, but the overall inflation rate declined from June, reaching its lowest level since September 2023. Finally, service providers remain optimistic that activity will improve over the next twelve months, although overall confidence declined to its lowest level since January.
