The Spanish manufacturing sector contracted at the sharpest pace in three years in May, amid accelerated decline in both output and new orders, a survey by Markit Economics revealed Friday.
The seasonally adjusted purchasing managers' index fell to 42 in May from 43.5 in April. This signaled a sharp deterioration in business conditions in the sector, and the most marked since May 2009.
Output fell at the strongest pace in more than three years as the rate of decline quickened for the fourth successive month. Overall new business fell substantially in May, with the rate of contraction the fastest since April 2009.
Lower demand prompted employers to shed jobs at a faster pace than in April, the survey revealed. Currently, Spain has the highest the number of unemployed in entire Europe.
by RTT Staff Writer
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