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Financial News: Spain Manufacturing Sector Contraction Fastest Since April

Spain Manufacturing Sector Contraction Fastest Since April 2013

10/01/2019 - 09:47:00 (RTTNews)

(RTTNews) - Spain's manufacturing sector contracted in September at the fastest pace in nearly six-and-a-half years, amid declines in new orders, output and purchasing activity, survey data from IHS Markit showed on Tuesday.

The manufacturing purchasing managers' index, or PMI, fell to 47.7 in September from 48.8 in August. Economists had forecast a score of 48.2. Any reading below 50 indicates contraction in the sector.

The sector shrunk for the fourth consecutive month and the latest contraction was the fastest since April 2013.

Output and new orders declined the most in six-and-a-half years in September.

Employment declined for the fifth straight month in September and purchasing activity shrunk the most since April 2013.

On the price front, operating cost fell for the fourth straight month in September and output cost decreased for the third time in the past four months.

Business confidence was at its lowest level since January 2013 in September and manufacturers expect the negative trends to continue for the foreseeable future.

"Political and economic uncertainties across Europe and around the world are clearly weighing on the country's manufacturing economy, especially for producers of capital goods who endured a torrid month," Paul Smith, economics director at IHS Markit said.

"There also seems little hope of a fast turnaround - confidence about the future has slumped to its lowest level in over six-and-a-half years as domestic and international political problems such as Brexit show little sign of being resolved."

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