FX.co ★ Spain Services Activity Surprises on the Upside

The S&P Global Services PMI rose to 58.3 in September 2026 from 57.8 in August, surpassing expectations of 56.8 and matching July’s peak—the strongest reading since May 2023. Growth was broad-based, led by Consumer Services, Commercial & Professional Services, and Financials & Real Estate.

New business increased for a fifth straight month, though the pace of expansion eased, while export orders declined for the first time since May amid concerns related to the war in the Middle East and AI-related spending. Employment continued to grow at a solid rate, extending the current job creation streak to four years.

At the same time, firms faced mounting cost pressures. Input-cost inflation jumped to a six-month high, driven by higher energy, fuel, labour, and supplier costs. Output-price inflation also quickened, reaching its strongest level since April.

Looking ahead, business confidence weakened to a four-month low, reflecting heightened geopolitical uncertainty.