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Financial News: Spain Factory Sector Returns To Expansion Zone

Spain Factory Sector Returns To Expansion Zone

03/02/2020 - 03:29:00 (RTTNews)

(RTTNews) - Spain's manufacturing sector returned to expansion territory in February after contracting for eight straight months, survey data from IHS Markit showed on Monday.

The manufacturing Purchasing Managers' Index rose to a 10-month high of 50.4 from 48.5 in January. A score above 50 indicates expansion.

The expansion was underpinned by marginal gains in both output and orders, alongside a much reduced rate of job shedding.

Average lead times for the delivery of inputs also lengthened to the greatest degree in 15 months, reflective of disruption to global supply chains following extended factory shut downs in China related to the outbreak of coronavirus.

Data showed that input prices declined for a ninth successive month and at the fastest rate since last October. Firms passed on their savings to clients in the form of reduced output charges.

Finally, manufacturers maintained a degree of confidence about future growth prospects in February.

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