Spanish HCOB Services PMI (Jan) 53.5 vs. Exp. 56.6 (Prev. 57.1)
Importance
Level 1
- "Growth of business activity in Spain’s services sector softened at the beginning of the year, albeit from a high level. While this points to a normalization of growth dynamics, the sector’s overall expansion remains robust."
- "New orders data reveal a moderation in demand momentum, with foreign orders in particular declining, especially from key euro area partners, whose weaker economic performance is increasingly reflected in Spanish export demand."
- "Despite the slowdown in January, firms remain confident about the business outlook for the year ahead. This optimism is also mirrored in hiring intentions: companies anticipate a higher workload and continued growth and are therefore seeking to expand capacity."
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