FX.co ★ Spain Services PMI Expands Less than Expected

The HCOB Spain Services PMI decreased to 55.6 in November 2025, down from October's ten-month peak of 56.6, and fell short of market predictions of 56.1. Despite marking the fifth consecutive month of growth, new business volumes expanded at their slowest rate since August. This deceleration was partly due to a drop in international sales, which saw a decrease for the first time in five months. Meanwhile, employment remained strong, with companies continuing to hire to support increased activity and manage workloads effectively. Regarding prices, input costs remained high owing to increased labor expenses, while output charges reached a twelve-month low as companies provided discounts and incentives to boost sales. Nonetheless, service providers retained a cautiously optimistic outlook for future activities, with confidence largely unchanged from October and remaining above its historical average.