REFINING: Chevron Pasadena Refinery Undertaking Planned Works

Spanish services firms continued to protect profit margins according to the August PMI, passing on increases in input costs to consumers. However, the overall index remains in expansionary territory (for the 12th consecutive month), driven by continued increases in new business.  

The services PMI was slightly lower than expected at 54.6 (vs 54.9 cons, 53.9 prior), with the composite index (53.5 vs 54.3 cons, 53.4 prior) also a little below consensus following Monday’s manufacturing PMI.

Key notes from release:

• “Panellists reported that market demand remained positive, both at home and abroad”
• “Higher workloads remained the primary reason why firms took on extra staff, though firms struggled to keep on top of their overall new business volumes”.
• “Firms noted that typical salary costs continued to increase during August and remained a primary factor driving overall operating expenses higher over the month”
• “Service providers continued to signal efforts to protect margins by raising their own prices again in August”
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• MNI: SPAIN AUG SERVICES PMI 54.6 (FCST: 54.9); JUL 53.9