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Jan Manufacturing PMI Signals Slower PPI &  Hints at Demand Recovery

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SPAIN JAN MANUF. PMI 48.4 (FCST 48.0); DEC 46.4

  • Spain's manufacturing PMI signalled a shallower downturn in January, increasing two points to 48.4. The indicator has been contractionary since July '22.
  • The decline in New Orders and Production eased substantially, as muted demand showed tentative signs of recovery. The focus will now be on whether demand begins to grow again in coming months.
  • Improved economic outlooks allowed optimism to strengthen and employment levels to stabilise.
  • Input and lowing price inflation moderated to the slowest pace in two years. This implies further declines in factory-gate inflation which should feed into lower headline CPI. In December PPI ex-energy eased for a sixth consecutive month, down 1.1pp at +11.1% y/y. Despite a lagged effect, this is a positive sign for easing core CPI in the eurozone in months to come.

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SPAIN JAN MANUF. PMI 48.4 (FCST 48.0); DEC 46.4

  • Spain's manufacturing PMI signalled a shallower downturn in January, increasing two points to 48.4. The indicator has been contractionary since July '22.
  • The decline in New Orders and Production eased substantially, as muted demand showed tentative signs of recovery. The focus will now be on whether demand begins to grow again in coming months.
  • Improved economic outlooks allowed optimism to strengthen and employment levels to stabilise.
  • Input and lowing price inflation moderated to the slowest pace in two years. This implies further declines in factory-gate inflation which should feed into lower headline CPI. In December PPI ex-energy eased for a sixth consecutive month, down 1.1pp at +11.1% y/y. Despite a lagged effect, this is a positive sign for easing core CPI in the eurozone in months to come.