Espanha - PMI Manufatura

The IHS Markit Spain Manufacturing PMI rose to 47.5 in November 2019 from 46.7 in the previous month and above market consensus of 46.7. The latest reading still pointed to a deterioration in operating conditions for a sixth month in succession, amid ongoing political and economic uncertainties. Output and new orders continued to contract at a steep rate, in part the result of a faster drop in export business, with demand from key European markets being especially weak. In addition, employment declined for the seventh consecutive month, as evidence of spare capacity persisted and business confidence remained historically low. On the price front, firms benefited from reduced input costs, although strong competitive pressures meant output charges were reduced for a third month running.

The IHS Markit Spain Manufacturing PMI fell to 46.8 in October 2019 from 47.7 in the previous month and below market expectations of 47.5. The latest reading pointed to the steepest contraction in factory activity since April 2013, as output and new orders dropped sharply to its lowest in six-and-a-half years amid reports of underwhelming market demand and clients adopting a cautious approach to their buying and investment activities. Also, job cuts were recorded for the sixth successive month and purchasing activity declined at the fastest pace for six-and-a-half years. On the price front, input prices decreased for the fifth straight month, albeit at a softest pace and output cost fell for the second consecutive month amid competitive pressures and a desire to boost demand. Finally, firms remained broadly subdued regarding their assessment of output outlook amid political uncertainty, and negative forecasts for demand and production.

The IHS Markit Spain Manufacturing PMI fell to 47.7 in September 2019 from 48.8 in the previous month and below market expectations of 48.2. The latest reading pointed to the sharpest deterioration in the manufacturing sector since April 2013, as output and new orders declined the most in just under six-and-a-half years and new export sales dropped the most since July 2012. Job cuts were signalled for a fifth successive month, albeit at a slightly slower rate, whilst purchasing activity was lowered to the greatest degree since April 2013. On the price front, input cost deflation was amongst the sharpest recorded by the survey since early-2016 and in turn helped to explain a cut in output charges for the third time in the past four months. Finally, confidence about the future was at it lowest level since January 2013, amid political and economic uncertainties.

The IHS Markit Spain Manufacturing PMI rose to 48.8 in August 2019 from 48.2 in the prior month and slightly above market expectations of 48.5. The reading pointed to the third consecutive month of contraction in manufacturing activity. Output fell the most since May 2013 as firms intended to use existing inventories; and new orders posted a fourth straight monthly decline. Subsequently, firms continued to cut jobs and inventories. In terms of prices, input costs were down only slightly, while there was no change in output charges. Looking ahead, business confidence improved, but remained at a historically subdued level. Worries over a continuation of the recent subdued demand trend and concerns of a deepening of the current global downturn were reported to have weighed on confidence.

The IHS Markit Spain Manufacturing PMI rose to 48.2 in July 2019 from a near six-year low of 47.9 in the previous month and slightly above market consensus of 48.0. Still, the latest reading suggested that the manufacturing sector remained inside contraction territory, as output and new orders continued to fall while employment dropped for the third consecutive month. On the price front, input costs declined for the second month in a row, while output charges were subsequently reduced accordingly. Looking ahead, business confidence was at its lowest level since April 2013.

The IHS Markit Spain Manufacturing PMI fell to 47.9 in June of 2019 from 50.1 in the previous month and well below market expectations of 49.5. The reading pointed to the sharpest contraction in factory activity since April of 2013, as output and new orders both declined amid signs of deteriorating market conditions. Looking ahead, confidence remained in positive territory albeit the lowest in seven months.