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Financial News: Spain Manufacturing Grows In March

Spain Manufacturing Grows In March

04/01/2019 - 03:55:00 (RTTNews)

(RTTNews) - Spain's manufacturing sector grew in March, driven by upturns in new and output amid subdued inflationary pressures, survey data from IHS Markit showed on Monday.

The purchasing managers' index, or PMI, for the factory sector rose to 50.9 in March from February's 49.9.

A reading above 50 suggests growth in the sector. Economists had forecast a score of 50.

Export demand also improved in March, but remained modest compared to those in recent years.

Employment picked up modestly and jobs have been added in each month since January 2014.

"Indeed, the data remain consistent with the sector stagnating and contributing little to overall economic growth in the first quarter of the year," IHS Markit economist Paul Smith said.

"As with much of Europe, growth of the sector is being held back by a challenging international environment, in line with the recent global trade slowdown, plus generally weaker demand for capital goods."

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