FX.co ★ Spain’s Services Momentum Cools Slightly as HCOB PMI Eases to 57.2 in October

Spain’s services sector maintained solid expansion in October 2026, though momentum eased slightly, according to the latest HCOB Spain Services Purchasing Managers’ Index (PMI) data updated on 4 November 2026.

The index slipped to 57.2 in October from 58.3 in September 2026, remaining comfortably above the 50-point threshold that separates expansion from contraction. The moderation suggests that while activity in Spain’s services economy is still growing at a healthy pace, the rate of growth has cooled compared with the previous month.

The October reading indicates that underlying demand in the sector remains resilient, but may be normalizing after a stronger surge in September. Investors and policymakers are likely to watch upcoming PMI releases closely for signs of whether this slowdown is temporary or the start of a more sustained easing in services-sector momentum.