Spain’s service sector growth moderated in October amid reports that political uncertainty in Catalonia dampened growth, survey data from IHS Markit showed Monday.
The headline Purchasing Managers’ Index fell to 54.6 in October from 56.7 in September. Nonetheless, a score above 50 indicates expansion.
Output has risen on a monthly basis throughout the past four years. The latest pace of growth was the slowest since January.
The expansion in activity was widespread across sub-sectors and new business continued to grew sharply in October. Companies responded to pressure on capacity by taking on extra staff again in October.
Input prices increased sharply in October with the rate of inflation quickening to the fastest since April. The passing on of higher cost burdens to clients led to a rise in output prices. Nonetheless, output price inflation was slower than in the prior month.
Further, data showed that business confidence dipped to the lowest in just over a year in October.
Source: RTT News