Spanish Manufacturing Activity Declines Sharply In November

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Tuesday, Markit Economics announced that the Spain Manufacturing Purchasing Managers' Index stood at a seasonally adjusted 45.3 in November, down from 46.3 in the previous month. A reading above 50 indicates expansion, while one below 50 suggests contraction. The PMI has now posted below the 50-mark for two years, with the latest reading the lowest since June.

Manufacturing output declined at an accelerated pace, largely due to a marked fall in new order levels. Panelists blamed lower demand, especially from domestic sources for the decline in new business levels. New export orders also contracted during the month.

Further, employment in the manufacturing sector declined sharply, and also at its fastest rate since June. Input costs faced by Spanish manufacturers rose moderately in November but remained well below the historical average. On the other hand, output prices were slashed again, as weak demand and intense competition forced discounting.

Tuesday, Markit Economics announced that the Spain Manufacturing Purchasing Managers' Index stood at a seasonally adjusted 45.3 in November, down from 46.3 in the previous month. A reading above 50 indicates expansion, while one below 50 suggests contraction. The PMI has now posted below the 50-mark for two years, with the latest reading the lowest since June. (Market News Provided by RTTNews)