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Financial News: Spain's Manufacturing Activity Contracts Sharply In May

Spain's Manufacturing Activity Contracts Sharply In May

06/01/2020 - 07:33:00 (RTTNews)

(RTTNews) - Spain's manufacturing sector remained in deep inside contraction zone in May amid coronavirus, or Covid-19, pandemic, survey data from IHS Markit showed on Monday.

The manufacturing Purchasing Managers' Index rose to 38.3 in May from 30.8 in April. However, the score has remained below the 50.0 no change mark for the third straight month signaling contraction.

Although lockdown constraints have been loosened compared to April, they continued to place considerable limits on productive capabilities and demand, the survey showed.

Although rates of decline in output, new orders, exports and purchasing all eased on April's series records, ongoing restrictions continued to weigh on sector performance. Employment decreased for 13th consecutive month.

Input prices fell to the greatest degree for nearly 11 years and manufacturers reduced their charges at the second fastest pace since mid-2009.

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