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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
SpainSpain HCOB Services PMI fell to 51.9 in February 2026
FMPMonthlyReleased March 2026
Spain HCOB Services PMI fell to 51.9 in February 2026, released March 2026, down 1.6 from January's 53.5 reading. The reading matched the 53.8 consensus. HCOB Services PMI has now declined for 3 consecutive months. Over the past 3 months, HCOB Services PMI averaged 55.3, vs 55.5 in the prior 3-month window. HCOB Services PMI is now the lowest in 7 months.
Latest Release
51.9
Actual
53.8
Consensus
53.5
Previous
Median Absolute Error
±1.7
across last 12 releases
Last Call
Mar 2026
Predicted: 53.45
Actual: 51.9
Error: +1.55
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
THE RELEASE
HCOB Services PMI (Spain) was reported at 51.90 in March 2026. This missed the market consensus of 53.80 by 1.90. The reading fell from the previous value of 53.50. Trailing 12-month context per ETL data through March 2026. Over the past 12 months, the indicator has averaged 54.66, ranging from 51.90 to 57.10 across 8 releases. This is classified as a medium-impact indicator released on a monthly basis.
WHY IT MATTERS
The indicator has been trending downward over the last three releases. The trailing three releases averaged 54.17, down from the prior three at 55.50. Volatility over the past year (σ 1.66) is comparable than the prior year (σ 1.70). In March readings over the past 3 years, HCOB Services PMI has averaged 54.27.
THE MODEL'S TAKE
Historically, this indicator is positively correlated with BTC/USD (Bullish BTC). Over the last 12 releases, the Sigmacast model's median absolute error is 1.70.
WHAT TO WATCH NEXT
Same-country events in the next 14 days include Balance of Trade (Jun 23) and Gross Domestic Product QoQ (Jun 25).
Auto-generated from current model state · Refreshes on each release · Last update March 2026.
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HCOB Services PMI - ES
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About HCOB Services PMI — Spain
DEFINITION
HCOB Services PMI is a key economic indicator that measures the performance of the services sector in the HCOB (hypothetical country of business). It provides valuable insights into the overall health and growth of the services industry, which includes sectors such as healthcare, education, transportation, and hospitality. This indicator is closely monitored by investors, policymakers, and businesses as it can help forecast economic trends and inform decision-making. A higher PMI reading indicates expansion in the services sector, while a lower reading suggests contraction. Overall, the HCOB Services PMI is an important tool for assessing the economic landscape and making informed financial decisions.
WHY THIS INDICATOR MATTERS
Sentiment surveys are forward-looking inputs that often lead hard data on output and hiring. Sharp swings can drive cross-asset repricing. Surprises against consensus can drive short-term moves, particularly when the print breaks an established trend. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Feb 2026): actual 51.9, consensus 53.8. Prior reading (Jan 2026): 53.5. Before that (Dec 2025): 57.1.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a similar reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bearish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary headwind in the current projection. This indicator correlates most strongly with BTC/USD (Bullish BTC, r=0.41) — a useful reference for crypto-focused traders.