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Spanish services growth cools, still above trend, PMI shows

Reuters
Spanish services growth cools, still above trend, PMI shows

Nov 4 (Reuters) - Spain's services sector ‌saw strong growth in October, though the expansion was slower than in each of ​the ‌previous three months as new business growth cooled ‌and export sales fell, a business survey showed on Wednesday.

• The S&P Global Spain Services PMI Business ‌Activity Index fell to 57.2 in October from 58.3 in September. The 50 mark separates growth from contraction

• "Spain's services economy continued to expand at an above-average rate ⁠during October and was therefore indicative of a positive ‌start to the final ⁠quarter of the year in terms of economic growth," ​said Paul Smith, economics director at S&P Global Market Intelligence

• Business confidence strengthened to its highest ​level since February, with firms citing previous investment ​plans ‌and hopes that the upcoming general election on November 29 ​may bring positive change

• New business volumes ⁠increased again but growth eased to ‌a five-month ​low. New export business contracted for ​a second straight month

• Employment rose again, extending a run of job creation to more than four years. The pace of hiring was the strongest ‌since July

• Input price inflation accelerated to its highest level since March, as companies reported higher energy, ‌fuel and ​transport expenses. Output price inflation, however, eased from September's five-month high

• The sister manufacturing sector index, released on Monday, expanded in October at its fastest pace since ‌August 2025

(Reporting by Reuters; Editing by Joe Bavier)