The HCOB Spain Services PMI jumped to 56.6 in October 2025 from 54.3 in the previous month, well above market expectations of 54.8, and marked the 26th consecutive month of expansion. The latest figure also represented the strongest growth pace since December 2024, driven by increased business activity supported by a combination of commercial initiatives, progress on existing contracts, and higher volumes of new work. In response to greater workloads and sustained capacity pressures, employment rose at the fastest pace since July, extending a more than three-year period of continuous job creation. On the price front, input cost inflation eased to a three-month low, whereas output price inflation accelerated markedly. Finally, business confidence strengthened to its highest level since March, remaining slightly above its long-term average. Service providers attributed their optimism to rising demand and plans to expand commercial operations in the coming months.