Spain July services PMI 53.8 vs 52.0 expected

• Prior 54.0

Spain's services sector continues to hold up in July, signaling another expansion with a modest rise in new business. But there are growing concerns about the outlook amid high inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term and economic uncertainty as business confidence slumps to its lowest in nearly two years. S&P Global notes that:

“Spain’s service sector turned in a positive performance during July, with activity expanding at a solid rate, supported by higher levels of new business and further job creation.

“And yet it’s hard not to be a little concerned about growth in the coming months, with some real devils in the survey detail to be found this month. As the bounce in activity related to the easing of pandemic-related restrictions continues to fade, there were reports by panellists of growing client hesitancy as inflation and fears over economic recession mount. Several respondents noted that tourism numbers – an important driver of the Spanish economy – are generally lower than normal.

“Confidence about the future subsequently slumped markedly, registering a sharp monthly fall compared to June, and adding to the growing suspicion that the sector is set for an increasingly challenging climate in the months ahead.”