Spain HCOB Services PMI

Info

History

Chart

Impact:

Medium

Latest Release:

Surprise:

EUR-0.1

EUR

Actual:

53.1

Forecast: 53.2

Previous/Revision:

54.9

Period: Dec 2024

Next Release:

Forecast: 54.1

Period: Jan 2025

What Does It Measure?

The Spain HCOB Services PMI measures the economic health of the service sector through a diffusion index indicating business conditions. With a reading above 50 suggesting expansion and below 50 indicating contraction, the primary focus is on assessing business activity, new orders, employment, and input costs, making it a significant national indicator.

Frequency

The Spain HCOB Services PMI is released monthly as a preliminary estimate on the first or second business day of the month, with potential revisions following.

Why Do Traders Care?

Traders closely monitor this indicator because it provides timely insights into the service sector's performance, influencing economic forecasts and monetary policy. Positive readings are often bullish for the EUR and could support equities, while weaker readings may lead to bearish effects on both.

What Is It Derived From?

The PMI is derived from a survey conducted with purchasing managers from leading companies in the Spanish service sector, utilizing a standardized diffusion index approach. The survey collects responses regarding key aspects like production levels, new business, and employment to gauge overall sector conditions.

Description

The Spain HCOB Services PMI offers early signals on the health of the service sector, significant due to its contribution to the economy. Preliminary data is based on early responses and is subject to revisions, and markets tend to react more strongly to it because of its timeliness. Final data provides a more accurate picture but usually prompts less volatility unless substantial revisions occur. The PMI is typically presented as Month-over-Month, offering quick insights into short-term shifts in the economic landscape, attracting traders' attention for its ability to indicate economic direction swiftly.

Additional Notes

The Spain HCOB Services PMI is considered a leading economic indicator, providing anticipation of future market arrivals before other economic reports. It is often compared with similar indicators from other Eurozone countries to paint a picture of regional economic trends, offering a relative perspective on Spain's economic performance.

Bullish or Bearish for Currency and Stocks

Higher than expected: Bullish for EUR, Bullish for Stocks. Lower than expected: Bearish for EUR, Bearish for Stocks.

Legend

High Potential Impact
This event has a strong potential to move markets significantly. If the ‘Actual’ value differs enough from the forecast or if the ‘Previous’ value is significantly revised, it signals new information that markets may rapidly adjust to.

Medium Potential Impact
This event may cause moderate market movement, especially if the ‘Actual’ deviates from the forecast or there’s a notable revision to the ‘Previous’ value.

Medium Potential Impact
This event is unlikely to affect market pricing unless there’s an unexpected surprise or a major revision to prior data.

Surprise - Currency May Strengthen
'Actual' deviated from 'Forecast' on a medium or high impact event and historically could strengthen the currency.

Surprise - Currency May Weaken
'Actual' deviated from 'Forecast' on a medium or high impact event and historically could weaken the currency.

Big Surprise - Currency More Likely To Strengthen
'Actual' deviated from 'Forecast' more than 75% of historical deviations on a medium or high impact event and may likely strengthen the currency.

Big Surprise - Currency More Likely To Weaken
'Actual' deviated from 'Forecast' more than 75% of historical deviations on a medium or high impact event and may likely weaken the currency.

Green Number	Better than forecast for the currency (or previous revise better)
Red Number	Worse than forecast for the currency (or previous revise better)
Hawkish	Supports higher interest rates to fight inflation, strengthening the currency but weighing on stocks.
Dovish	Favors lower rates to boost growth, weakening the currency but lifting stocks.

Date	Actual	Forecast	Previous	Surprise
Dec 04, 2024	53.1	53.2	54.9	-0.1
Nov 06, 2024	54.9	56.8	57	-1.9
Oct 03, 2024	57	54	54.6	3
Sep 04, 2024	54.6	54.5	53.9	0.1
Aug 05, 2024	53.9	56	56.8	-2.1
Jul 03, 2024	56.8	56.4	56.9	0.4
Jun 05, 2024	56.9	56	56.2	0.9
May 06, 2024	56.2	56	56.1	0.2
Apr 04, 2024	56.1	55.5	54.7	0.6
Mar 05, 2024	54.7	53.5	52.1	1.2
Feb 05, 2024	52.1	52.1	51.5
Jan 04, 2024	51.5	51.2	51	0.3
Dec 05, 2023	51	51.5	51.1	-0.5
Nov 06, 2023	51.1	49.3	50.5	1.8
Oct 04, 2023	50.5	49.8	49.3	0.7
Sep 05, 2023	49.3	51.5	52.8	-2.2
Aug 03, 2023	52.8	53.4	53.4	-0.6
Jul 05, 2023	53.4	55.5	56.7	-2.1
Jun 05, 2023	56.7	56.9	57.9	-0.2
May 04, 2023	57.9	59.9	59.4	-2