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Manufacturing PMI lower on weak demand

SPAIN DATA

Spain August manufacturing PMI printed at 46.5, lower than the 47.8 print in July and also lower than to expectations of 48.8. Key notes from the release are:

  • "The main drag on the latest headline PMI figure came from another rapid contraction in order book volumes".
  • "Spanish manufacturing companies responded to the bleak demand picture by reducing their own output levels. Manufacturing production has now fallen in each of the past four months with the latest decrease the strongest in the year-to-date".
  • "Current demand weakness also placed downwards pressure on prices with both input costs and output charges continuing to fall".
  • "A general sense of optimism was retained in August. In fact, the degree of confidence was the strongest since February. Factors supporting positive sentiment included product development, the commencement of campaigns and hopes for an uplift in demand".

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