June composite PMI 55.8 vs 56.6 in May (Il Sole 24 Ore Radiocor) - London , 03 Jul - In June, Spain's purchasing managers' index for the services sector inched down to 56.8 from a 13-month peak of 56.9 in May, marking the tenth successive monthly increase in business activity, according to data released by S&P Global and Hamburg Commercial Bank.

The composite output index, a weighted average of services PMI and manufacturing output, fell to 55.8 from 56.6 the previous month. A reading below 50 signals contracting sector activity, while one above an expansion.

'The Spanish services sector remains unshaken," said Jonas Feldhusen, junior economist at Hamburg Commercial Bank.

"After the PMI for Spain's manufacturing sector lost some growth momentum in June following the European elections, the services sector maintains its pace. The growth results from continued high demand, which has been further strengthened, exclusively from abroad. Expectations for the future dipped a bit but still remained solid. Some panellists believe that activity is still going to increase due to lower inflation and interest rates in a year's time. Supported also by these high expectations for the future, companies are trying to hire more workers. The efforts also seem to be yielding initial results, as workloads can increasingly be managed.".

AAA-Hob

(RADIOCOR) 03-07-24 09:27:40 (0180) 5 NNNN