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Spain Service Sector Growth Improves In November

Spain's service sector expanded at a faster pace in November amid rising new business, survey data from IHS Markit showed Wednesday.

The services Purchasing Managers' Index rose to 53.2 in November from October's 52.7. The indicator signaled growth in each month for just over six years.

Despite reduction in foreign demand, new work increased in November driven by domestic market orders. Companies took on additional staff in the main to deal with higher present workloads.

Business confidence remained historically muted in November, despite picking up to a four-month high.

Output charges were reduced for a fourth survey period in succession. However, input cost increased in November, adding pressure on margin.

Driven by better performance of services, the composite output index improved to 51.9 in November from 51.2 in October, the survey showed.

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