Spanish HCOB Services PMI (Feb) 51.9 vs. Exp. 52.8 (Prev. 53.5)
- “The service sector is losing steam. This applies both to demand-driven business activity and to new orders, as well as hiring intentions. Several panellists report that market demand has been cooling since the beginning of the year."
- “Price dynamics remain a point of concern in Spain’s services economy. Input price inflation, which is strongly influenced by wage pressures, accelerated to its fastest pace in a year. These cost increases are being passed where possible directly through to output prices."
Context
The Spanish HCOB Services PMI for February printed at 51.9, missing expectations of 52.8 and down from the prior 53.5, indicating a slowdown in the service sector. This decline suggests weakening demand and hiring intentions, raising concerns about inflation persistence as input price inflation accelerates, which could affect ECB policy direction and the euro's performance.
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