HCOB西班牙服务业采购经理人指数从上个月的53.4降至2025年5月的51.3,低于市场预期的52.9。虽然这标志着该行业连续第21个月扩张,但这标志着自2023年11月以来增长速度最慢。新业务增长放缓,为18个月来最慢,主要归因于持续的不确定性,这抑制了需求,尤其是来自国际客户的需求。与此同时,就业率继续上升,使服务提供商在减少工作积压方面取得了适度进展。在定价方面,由于工资和供应商费用上涨,投入成本继续以高于平均水平的速度增长。相比之下,在竞争压力加剧的情况下,产出价格跌至六个月低点。最后,对未来经济活动的信心降至2023年11月以来的最低水平,企业对日益严峻的经济环境表示越来越担忧。
The HCOB Spain Services PMI fell to 51.3 in May 2025 from 53.4 in the previous month, missing market expectations of 52.9. While this marked the twenty-first consecutive month of expansion in the sector, it signaled the slowest pace of growth since November 2023. The increase in new business softened, registering the weakest pace in eighteen months, largely attributed to persistent uncertainty, which dampened demand—particularly from international clients. Meanwhile, employment continued to rise, enabling service providers to make modest progress in reducing their work backlogs. On the pricing front, input costs continued to increase at an above-average rate, driven by higher wages and supplier charges. In contrast, output prices fell to a six-month low amid intensifying competitive pressures. Lastly, sentiment regarding future activity dropped to its lowest level since November 2023, with firms expressing growing concern over the increasingly challenging economic environment.