Spain services growth accelerates slightly in December, PMI shows

Spain services growth accelerates slightly in December, PMI shows

It also represents a four-year high.

The update comes as output in the United Kingdom manufacturing industry achieved "solid growth" last month, but eased back from a near four-and-a-half-year high when separate PMI data was released on Tuesday.

In line with greater production requirements, firms added to their payrolls and at the fastest rate since September 2014.

Factories across the globe warned they are finding it increasingly hard to keep up with demand, potentially forcing them to raise prices as the world economy looks set to enjoy its strongest year since 2011. Outstanding business expanded for the nineteenth-straight month. Although the rate of input cost inflation picked up since November, it remained softer than February's peak.

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According to the region's purchasing managers, the rise in business activity was underpinned by the fastest increase in new work orders for more than decade.

In terms of job creation both sectors - manufacturing and services - outstripped historical averages signalling a continued revival of the labour market. "That said, it remained on a weak growth trajectory amid reports that the goods and services tax (GST) was still hindering efforts to secure new clients", said Aashna Dodhia, economist at IHS Markit and the author of the report.

Those companies included in the report were broadly positive about the outlook for the year ahead with business sentiment rising to a three-month high. Volkswagen AG's main passenger-car brand said last Friday that production reached a record high previous year with global output of more than 6 million vehicles, while Philippe Buros, Renault SA head of sales for France, told BFM Business radio Tuesday that French orders are up too. That's something that likely weighed on staff hiring plans.

Amid increasing demand from domestic and global markets, there is a lurking fear about inflation going up. Input price inflation accelerated to one of the highest rates seen over the past five years in December, as suppliers hiked prices for a wide range of inputs.

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