Spain Services Grow For First Time in 2 Years

Spain’s service sector grew in August for the first time since June 2011, a survey showed on Wednesday, in the latest sign the beleaguered economy may emerge from a two-year recession in the third quarter.

Markit’s Purchasing Managers’ Index (PMI) of service companies stood at 50.4 in August, up from 48.5 in July, marking its first rise above the 50 line separating contraction from growth in more than two years.

“Coming on the back of a return to growth of manufacturing output, as highlighted by the manufacturing PMI earlier this week, this rise in services activity reinforces the view that Spain will exit technical recession in the third quarter of 2013,” economist at Markit Andrew Harker said.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza