Spain Service Sector Growth Improves

Trading 06 nov 2018 Donner votre avis

Spain's services sector expanded at a faster pace in October, thanks to a strong gain in new orders, survey data from IHS Markit showed on Tuesday.

The services Purchasing Managers' Index, or PMI, rose to 54 from 52.5 in September. Economists had forecast a score of 51.8.

A PMI score above 50 suggests growth in activity and the latest reading was the strongest since June.

The Spanish services sector has expanded in each month throughout the past five years, IHS Markit said.

Despite the marked gain in new business, employment growth was at a two-year low due to subdued business confidence and cost pressures intensified amid higher prices of fuel and energy.

Output prices rose only slightly due to a further squeeze on operating margins.

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