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Financial News: Spain Manufacturing Sector Shrinks On Weak Output

Spain Manufacturing Sector Shrinks On Weak Output

09/02/2019 - 07:51:00 (RTTNews)

(RTTNews) - Spain's manufacturing sector contracted in August as output logged its sharpest fall since 2013, survey data from IHS Markit showed Monday.

The manufacturing Purchasing Managers' Index rose to 48.8 from 48.2 in July. The index has remained below the 50.0 no-change mark for the third month in succession.

Production decreased at the fastest pace in nearly six-and-a-half years. Orders decreased amid reports of apathy in European markets.

Given the ongoing softness in production and inflows of new orders, manufacturers reduced staffing levels.

On the price front, data showed that input costs dropped only slightly, whilst there was no change in output charges.

Although confidence about the year ahead improved it remained at a historically subdued level.

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