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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
SpainSpain Markit Services PMI climbed to 56.6 in February 2022
FMPMonthlyReleased March 2022
Spain Markit Services PMI climbed to 56.6 in February 2022, released March 2022, up 10 from January's 46.6 reading. The print exceeded the 51.6 consensus by 5. Year-over-year, the indicator is up 13.5. Over the past 3 months, Markit Services PMI averaged 51.2, vs 57.36 in the prior 3-month window. The reading is in the 70th percentile of the trailing 24-month range.
Latest Release
56.6
Actual
51.6
Consensus
46.6
Previous
Median Absolute Error
±1.76
across last 12 releases
Last Call
Mar 2022
Predicted: 50.67
Actual: 56.6
Error: -5.93
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Signal Bias | Action |
|---|---|---|---|---|---|
| EUR/USD | ▲ Direct | +0.40 | FOREX | Bullish EUR | → View |
| EUR/GBP | ▲ Direct | +0.35 | FOREX | Bullish EUR | → View |
| DAX | ▲ Direct | +0.35 | INDEX | Bullish EU | → View |
| EUR/JPY | ▲ Direct | +0.35 | FOREX | Bullish EUR | → View |
| XAU/USD | ▼ Inverse | −0.30 | COMMODITIES | Watch | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
Markit Services PMI (Spain) was reported at 56.60 in March 2022. This beat the market consensus of 51.60 by 5.00. The reading rose from the previous value of 46.60. This is classified as a medium-impact indicator released on a monthly basis.
WHY IT MATTERS
The trailing three releases averaged 53.00, down from the prior three at 57.77.
THE MODEL'S TAKE
Historically, this indicator is positively correlated with EUR/USD (Bullish EUR). A secondary relationship exists with DAX, positively correlated (Bullish EU). Over the last 12 releases, the Sigmacast model's median absolute error is 1.76.
WHAT TO WATCH NEXT
Same-country events in the next 14 days include Balance of Trade (Jun 23).
Auto-generated from current model state · Refreshes on each release · Last update March 2022.
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Markit Services PMI - ES
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About Markit Services PMI — Spain
DEFINITION
Markit Services PMI is a widely recognized financial indicator that measures the performance of the services sector in an economy. It provides valuable insights into the health and growth of the services industry by tracking changes in business activity, new orders, employment, and prices. This data is collected through surveys of purchasing managers in various service-based companies, making it a reliable and timely indicator of economic trends. Markit Services PMI is used by investors, businesses, and policymakers to make informed decisions and assess the overall economic outlook.
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 2022): actual 56.6, consensus 51.6. Prior reading (Jan 2022): 46.6. Before that (Dec 2021): 55.8.
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 bullish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary headwind in the current projection.