Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
Extended Sale! Save on premium data with Claim 60% OFF
Spanish factory activity shrinks for sixth straight month in Sept -PMI
Published Oct 02, 2023 03:18AM ET
© Reuters. A man works at a Mahou beer factory in Alovera, Guadalajara, Spain, November 27, 2015. REUTERS/Andrea Comas/File Photo
MADRID (Reuters) - Factory activity in Spain shrank again in September as market conditions and high prices weighed on manufacturers, who also shed jobs as a result, a survey showed on Monday.
The HCOB Purchasing Managers' Index (PMI) for Spanish manufacturing compiled by S&P Global was 47.7 in September, from 46.5 in August and 47.8 in July, marking its sixth consecutive month below the 50 mark denoting growth in activity.
"Output and new orders both registered declines during September," S&P Global said in the survey report. "Firms widely commented on widespread market uncertainty and that high prices were having a negative impact on demand."
As a result, the survey showed, companies reduced staffing at their plants for the third month in four, the report said.
The weakness in the manufacturing sector was last month matched by a downturn in the bigger services sector, which contracted for the first time in 10 months.
The data do not bode well for the overall economy, which is expected by the government to grow 2.1% this year.
Last week, the statistics institute revised up second quarter growth to 0.5% from an initial 0.4% and first quarter growth to 0.6% from an earlier 0.5%. The central bank expects to see a further slowdown to 0.3% growth in the third quarter.
The Spanish government is forecasting economic growth of 2.1% for 2023, down from 5.8% in 2022 and 6.4% in 2021.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.