Latest data released by Markit - 5 October 2021
- Prior 60.1
- Composite PMI 57.0
- Prior 60.6
Business activity in Spain softened further last month, though the growth expansion is still keeping at rather robust levels overall. Inflationary pressures and supply-side constraints were among the key issues weighing on business conditions. Markit notes that:
"The Spanish service sector lost momentum during September, but growth was sustained at a decent clip as the recovery and the gradual return to some kind of normality continues following the worst of the COVID-19 pandemic.
"As we move now past this initial strong opening and recovery phase, perhaps the slowdown is not to be unexpected, although some reports of challenges sourcing goods means the sector is not completely immune to the extreme supply challenges that are characterising the manufacturing economy at the moment.
"Indeed, price pressures in services are also rising considerably, with widespread reports of higher fuel, utility and transportation prices in September. So far the pass through has been limited to a degree, but clearly after such a difficult 18 months, firms could be willing to push through further price hikes in the coming months."
