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Spain’s Factory PMI Drops To 3-Month Low

Spain’s manufacturing sector growth moderated to a three-month low in July, survey results from IHS Markit showed on Monday. The manufacturing Purchasing Managers’ Index fell to 59.0 in July from 60.4 in June. Although the score dropped moderately in July, the index suggested another strong improvement in operating conditions.

Production and new order book growth remained considerable in July amid reports that market demand had improved. Nonetheless, production and new orders grew at slower rates when compared to recent peaks.

Jobs were added at a decent rate, with firms scrambling to bolster production capabilities to match workloads.

Price inflation remained elevated, and was a factor depressing confidence about the future, the survey showed.

Firms remained positive overall that sales and output will rise further in the coming 12 months, with confidence remaining comfortably in positive territory despite dropping to a half-year low.

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