October 01, 2024 07:24 GMT
SPAIN DATA: Sep Manufacturing PMI Much Stronger Than Consensus
SPAIN DATA
The Spanish manufacturing PMI was much stronger than expected at 53.0 (vs 50.2 cons, 50.5 prior). This was the highest reading since May, and cements Spain’s status as the outperformer across the Eurozone this year. Alongside strong output metrics, the PMI notes that competitive forces prompted firms to lower output charges in September.
Key notes from the release:
- “The upturn in the PMI principally reflected solid increases in both output and new orders”…” Manufacturers reported that market demand and positive product campaigns had underpinned growth.”
- “This was further reflected by an increase in new export sales for the seventh successive month. Firms were suitably encouraged by the uplifts in sales and production requirements to bolster their purchasing activity during September”.
- “There was a further increase in input costs amid some reports of higher raw material prices”.
- “The net rise in input costs was however marginal and the weakest since February amid evidence that slow market demand and competition was limiting the pricing power of vendors”.
- “Competitive forces led manufacturers themselves to lower their charges for the first time since April”.
Keep reading...Show less
174 words