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Spain PMI: Weak Domestic Demand, Higher Prices

DATA REACT

The rise in Spain Dec Manuf PMI to 51.0 from 49.8 in Nov missed expectations of 52.5.

  • It was a mixed report: per IHS Markit, optimism on future prospects over the next 12 months hit the best level since Jul 2018 on expectations that the pandemic will be brought under control. But:
  • "Whilst output rose it did so only marginally, whilst order books continued to deteriorate thanks to weak domestic demand. Lead times for the delivery of inputs continued to falter noticeably, whilst there was an acceleration of input cost inflation to its highest in nearly three years."
  • New order books fell for the 2nd consecutive month, but new export orders were the strongest since July.
  • Input prices rose by the most for almost 3 years amid supply shortages, so "several firms saw little option but to increase their own charges"
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