The HCOB Spain Manufacturing PMI eased to 50.5 in August, down from 51 in the prior month and missing market forecasts of 51.5.
This marked the lowest reading in the current seven-month growth sequence, as output shrank slightly despite a slight rebound in new orders.
Meanwhile, employment declined for the first time since January and confidence in the outlook dropped to an eight-month low.
“The trends in Spain’s manufacturing sector keep showing signs of weakening. Although the sector’s index remains marginally above the critical 50-point threshold, currently positioned at 50.5, the recent three-month trajectory clearly indicates a move toward stagnation,” Jonas Feldhusen, Junior Economist at Hamburg Commercial Bank, said.
“This development is consistent with the broader global economic environment and does not come as a surprise.”
