Latest data released by Markit - 5 May 2021
- Prior 48.1
- Composite PMI 55.2 vs 52.2 expected
- Prior 50.1
The Spanish services sector returns to growth as an improving virus situation bolsters activity and new business in general. This provides some confidence towards the outlook in 2H 2021 as vaccinations continue to progress in the region. Markit notes that:
"An extremely positive set of data for April as activity rose markedly on the back of both an uplift in demand and preparations for the reopening of premises in anticipation of a loosening of COVID-19 restrictions.
"Indeed, confidence amongst firms and clients of a strong uplift in economic activity once vaccination programmes take hold is growing and will add to recent views that the economy is poised to experience a strong and sustainable bounce in the coming months.
"Such confidence in the outlook is now spilling over into the labour market, with firms either taking on new workers or welcoming staff back from furlough. The sting in the tail, however, is the rapid rise in operating expenses that firms are experiencing, which remain difficult to pass on to clients amid strong competitive pressures."
