Next enjoys 10% sales jump before Christmas while JD blames mild weather and promotions for worse-than-expected performance
The recent upturn in Spain’s service industries continued last month, with activity rising modestly for a fourth month in a row – perhaps because mild weather has lured Spaniards to the beaches, boosting spending.
A closely watched survey from Hamburg Commercial Bank showed the headline services PMI (purchasing managers’ index) at 51.5, up from 51 in November, signalling the highest growth since July. This was better than economists had expected.
In contrast to the overall economic weakness in Europe, Spain’s service sector appears to be charting its own course. Rather than succumbing to the broader economic downturn, service providers in Spain are still on an expansion trajectory. While it is far away from a full-blown boom, the resilience is surprising, especially considering the subdued mood in the manufacturing sector and the lacklustre performance of the service sector in other parts of the eurozone.
This noteworthy performance may be attributed to two key factors: the new government’s commitment to extend measures supporting private households and, secondly, the warm temperatures in recent weeks possibly inspiring residents of Spain to head to the beaches, leading to increased spending.
Business | The Guardian