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PMI data paints a familiar story - but is pre-Omicron

SPAIN DATA
  • The story of the Spanish manufacturing PMI is a familiar one of growing demand (although recall this is before any Omicron uncertainty) and a shortage of inputs, with the latter in particular leading to higher prices.
  • Not much market reaction, as expected, given this data is now outdated somewhat with the Omicron variant
  • Highlights from the press release:
  • "Demand growth remained positive, with new orders rising markedly, supported in part by a stronger gain in new export orders. There were reports that market demand maintained a strong underlying trend, although some concerns amongst clients over rising prices were reported.
  • "Output charges amongst Spanish manufacturers were increased in November at the sharpest rate in the survey history"
  • "Transportation difficulties, especially in sea freight, also persisted, and the general challenge in procuring inputs was reported to have been a major impediment to production growth in November."
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