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.”