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Financial News: Spain Manufacturing Slips Into Contraction

Spain Manufacturing Slips Into Contraction

07/01/2019 - 03:23:00 (RTTNews)

(RTTNews) - Spain's manufacturing sector slipped into contraction in June as both output and new orders declined from May, survey data from IHS Markit showed Monday.

The manufacturing Purchasing Managers' Index fell to 47.9 in June from 50.1 in May. The reading was also below the forecast of 49.7. A score below 50 indicates contraction.

Although moderate, the rate of contraction was the greatest recorded since April 2013, Markit said.

Production declined for the first time in over five-and-a-half years. Similarly, the degree of decrease in new work was the greatest since April 2013. Job cuts were subsequently recorded for a second month running.

On price front, average input costs declined for the first time in four months. Manufacturers responded by reducing their own output charges to a similar degree. Further, confidence remained in positive territory albeit the lowest in seven months in June.

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