Spain Manuf PMI Improvement Driven By Output And New Orders

Spanish manufacturing PMI beat expectations in March (56.9 vs 56.0 survey and 52.9 in Feb), rising to the highest level since Dec 2006 and driven by increases in output and new orders.

• According to IHS Markit, the sector enjoyed a "noticeable upturn in demand during March, with output being pushed up to its strongest degree since the end of 2017 and confidence also improving to its highest in over three years."
• Job growth was positive, but supply chain issues are leading to higher price pressures: "Employment rose for the first time in five months, as firms struggled to keep on top of workloads. However, there were some noticeable challenges for firms to overcome, with delays in the delivery of inputs becoming increasingly acute and prices paid for inputs surging at the strongest rate in the past 10 years."