The services sector appears "resilient" and registers a "slight" expansion in October

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Madrid, Nov 6 (EFECOM).- The Spanish services sector has registered a "slight" expansion in October, for the second consecutive month, supported by the increase in new orders, in addition to a greater hiring of personnel that has contributed to the increase of activity, according to S&P Global.

The PMI index of commercial activity of the Spanish services sector by HCOB, prepared by S&P Global and published this Monday, has marked 51.1 points in October, higher than the 50.5 in September, as well as the 50 points that separate the contraction growth.

In October, the increase in new orders, although "marginal", has contributed to an advance in activity, although new orders from abroad have fallen for the third consecutive month.

"Spanish service companies demonstrated that they have great strength" as well as "resilience", contrary to what happens with this sector in the rest of Europe, where it experiences "continuous downward pressure on business activity", he noted. in a statement the chief economist of the HCOB, Cyrus de la Rubia.

"An important pillar of the service industry, tourism, is apparently not living up to expectations," as new orders from overseas customers, including in this sector, have declined for the third consecutive month in October, he said. pointed out by La Rubia.

According to the report, "employment growth was solid and the best observed in three months," consolidating the thirteenth consecutive monthly increase, allowing companies to keep their workloads up to date.

The report has revealed that operating expenses have increased "sharply" in October, with an above-usual inflation rate the steepest since last June, and that wage growth "remained a key source responsible for upward pressure on costs.

Utility, energy and rental costs also increased in October compared to September, so business owners have reported another round of sales price increases in October.

Looking to the future, the optimism of businessmen has been in positive territory, although below the trend, due to the hope of an increase in sales and the rebound in economic activity next year, however, concern persists about high interest rates and political uncertainty.

"Growth expectations were also a factor responsible for the increase in employment," concludes the consulting firm. EFECOM


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