He Spain’s services Purchasing Managers’ Index (PMI) improved in December to 57.3 points from 53.1 in November, as published by the HCOB report. The figure improves market expectations, which expected an increase to 54.1.
He Spanish services sector has recorded the strongest expansion of activity in 20 monthsspecifically from April 2023. New orders increased at a stronger pace, while employment growth held steady as prospects improve.
The growth was supported by a strong increase in new orders and recovery efforts following the floods that affected parts of the country from late October to mid-November. As confidence in the outlook also remained high, companies continued to hire additional workers, although capacity remained under pressure and unfilled orders increased again.
Euro reaction
The Euro has rallied on the release, taking EUR/USD to a two-day high of 1.0342. At the time of writing, the pair is trading above 1.0335, gaining 0.29% on the day.
economic indicator
S&P Global Services PMI
The Purchasing Managers Index (PMI) Services published by the Markit Economics captures business conditions in the service sector. The PMI is an important indicator of business conditions and economic conditions in Spain. A reading above 50 points indicates expansion in economic activity, while a reading below 50 points implies a decrease in activity. A result higher than expected is bullish for the Euro, while a result lower than the consensus is bearish.
Last post: Mon Jan 06, 2025 08:15
Frequency: Monthly
Current: 57.3
Dear: 54.1
Previous: 53.1
Fountain: S&P Global
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
