Spanish PMI Beats Expectations, But Jobs Cuts Accelerate To Highest Rate Since 2009

spain PMi

Photo: Markit

Spain’s manufacturing PMI climbed to 42.3 in July.This was better than the 40.3 expected by economists.  It was also better than the 41.1 reading in June.

A reading below 50 signals contraction in the industry.

Key points from Markit:

  • Output and new orders continue to decline sharply
  • Rate of job shedding accelerates
  • Input costs fall for second month running

From Markit economist Andrew Harker:

The latest manufacturing PMI data for Spain highlight why so much attention is focused on the economy at the moment, as output and employment continued their downward trajectories.  Demand continued to fall sharply moving into the second half of the year, with the domestic market reported to be particularly weak. The labour market continued to bear the brunt of the difficulties in the sector as the rate of job cuts accelerated again.

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