Spanish S&P Global Services PMI (Oct) 57.2 vs. Exp. 57.6 (Prev. 58.3)
ORIGINAL · NewsquawkSpanish S&P Global Services PMI (Oct) 57.2 vs. Exp. 57.6 (Prev. 58.3)Read originalHide original
"the sector was not immune to the headwinds that continue to swirl around the global economy, with a reluctance to commit to new work seen amongst some buyers (especially international), amid some uncertainty in the outlook". "Moreover, rising price pressures due to increased energy and fuel prices limited client budgets, and drove up service providers’ own operating expenses to the greatest extent for seven months. Competitive pressures somewhat limited the degree of cost pass through to clients".
Spain’s October Services PMI was reported below expectations and its previous reading; the report cites buyer hesitation, energy- and fuel-related cost pressures, and limited cost pass-through.
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"the sector was not immune to the headwinds that continue to swirl around the global economy, with a reluctance to commit to new work seen amongst some buyers (especially international), amid some uncertainty in the outlook". "Moreover, rising price pressures due to increased energy and fuel prices limited client budgets, and drove up service providers’ own operating expenses to the greatest extent for seven months. Competitive pressures somewhat limited the degree of cost pass through to clients".
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