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SPAIN DATA: Weak November IP, But Broader Manufacturing Sentiment Still Solid

SPAIN DATA
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Although Spanish November industrial production fell 0.4% Y/Y (versus a three-analyst consensus of 1.5%, and a four tenth downwardly revised 1.5% prior), production momentum rose for a second consecutive month to 0.4% (vs 0.3% prior). Manufacturing sentiment remains solid, suggesting the trend in production should remain positive in early 2025.

  • Non-durable and capital goods saw 3m/3m accelerations in IP in November, and although durable goods production fell four tenths from October, it remains firm at 1.5%. Intermediate goods production was steady at 0.1%, while energy fell a tenth to -0.1%.
  • On a monthly basis, IP fell 0.8% (vs 0.5% growth in October). Only durable goods had a positive monthly rate in November (of 1.4% M/M).
  • The manufacturing PMI remained comfortably in expansionary territory as of December, and the EC’s industrial confidence metric at -4.5 was above the 2000-2019 average of -6.9. 

 

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Although Spanish November industrial production fell 0.4% Y/Y (versus a three-analyst consensus of 1.5%, and a four tenth downwardly revised 1.5% prior), production momentum rose for a second consecutive month to 0.4% (vs 0.3% prior). Manufacturing sentiment remains solid, suggesting the trend in production should remain positive in early 2025.

  • Non-durable and capital goods saw 3m/3m accelerations in IP in November, and although durable goods production fell four tenths from October, it remains firm at 1.5%. Intermediate goods production was steady at 0.1%, while energy fell a tenth to -0.1%.
  • On a monthly basis, IP fell 0.8% (vs 0.5% growth in October). Only durable goods had a positive monthly rate in November (of 1.4% M/M).
  • The manufacturing PMI remained comfortably in expansionary territory as of December, and the EC’s industrial confidence metric at -4.5 was above the 2000-2019 average of -6.9. 

 

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