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Financial News: Spain's Manufacturing Growth Accelerates In October

Spain's Manufacturing Growth Accelerates In October

11/02/2017 - 04:35:00 (RTTNews)

(RTTNews) - Spain's manufacturing sector gained further growth momentum in October, data from IHS Markit showed Thursday.

The factory Purchasing Managers' Index rose more-than-expected to 55.8 in October from 54.3 in September. This was the highest reading since May 2015. The expected score was 54.8.

The rate of new order growth quickened for the second straight month in October and was the fastest since January. Consequently, higher new orders fed through to another monthly increase in production.

Higher workloads encouraged firms to take on extra staff and expand their purchasing activity.

Input costs increased at a sharp pace amid reports of higher prices for items including cereals, metals and plastics in October. Higher costs of raw materials fed through to increase in output prices.

"There was no discernible impact from the political situation in Catalonia on manufacturers' operations in October, but a drop off in sentiment regarding the 12-month outlook was partly attributed to uncertainty surrounding the current political environment," Andrew Harker, associate director at IHS Markit, said.

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