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SPAIN DATA: IP Falls On 3m/3m Basis, Despite Expansionary Manufacturing PMI

SPAIN DATA
Data BulletEurozoneCEEMEASpainBulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

Spanish August industrial production fell 0.2% on a 3m/3m SWDA basis (vs -0.4% prior). This metric has now been negative for four consecutive months, after seeing positive readings the six months prior. Recent negative trends in IP have come despite an expansionary manufacturing PMI since February. However, we note that the September manufacturing PMI reading of 50.5 is a step down from May’s 26-month high of 54.0.

  • The EC industrial sentiment survey has been a little more consistent at identifying turning points in the IP series.
  • Consumer goods production fell 0.8% 3m/3m in August (vs -0.7% prior), with durable goods down 0.6% (vs -1.7% prior) and nondurables down 0.8% (vs -1.0% prior).
  • Capital goods production was also negative at -2.1% 3m/3m (vs -2.3% prior), though intermediate and energy production saw positive readings.
  • On a monthly basis, production was a little weaker than consensus at -0.1% M/M (vs +0.2% cons, -0.4% prior).  
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Spanish August industrial production fell 0.2% on a 3m/3m SWDA basis (vs -0.4% prior). This metric has now been negative for four consecutive months, after seeing positive readings the six months prior. Recent negative trends in IP have come despite an expansionary manufacturing PMI since February. However, we note that the September manufacturing PMI reading of 50.5 is a step down from May’s 26-month high of 54.0.

  • The EC industrial sentiment survey has been a little more consistent at identifying turning points in the IP series.
  • Consumer goods production fell 0.8% 3m/3m in August (vs -0.7% prior), with durable goods down 0.6% (vs -1.7% prior) and nondurables down 0.8% (vs -1.0% prior).
  • Capital goods production was also negative at -2.1% 3m/3m (vs -2.3% prior), though intermediate and energy production saw positive readings.
  • On a monthly basis, production was a little weaker than consensus at -0.1% M/M (vs +0.2% cons, -0.4% prior).