May composite PMI 56.6 vs 55.7 in April (Il Sole 24 Ore Radiocor) - Madrid , 05 Jun - In May, Spain's purchasing managers' index for the services sector rose to 56.9 from 56.2 in April, marking the ninth 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, rose to 56.6, its highest reading since March 2023, from 55.7 in the previous month.

A reading below 50 signals contracting sector activity, while one above an expansion.

"In May, Spain's services sector continued to expand," commented Jonas Feldhusen, junior economist at Hamburg Commercial Bank. "Activity and new business both saw substantial growth, with the Services PMI Business Activity Index rising to 56.9. This growth was driven by a strong increase in new business, which has now risen for six consecutive months. Panellists reported - as also seen in the manufacturing sector - higher overall demand and greater success in acquiring new customers. Particularly encouraging was the significant rise in export business, especially in key markets like France and Germany.".

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(RADIOCOR) 05-06-24 09:50:29 (0211) 5 NNNN