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Spain's Manufacturing Sector Grows Most Since 2018

Spain's manufacturing sector rebounded at the fastest rate since 2018 as businesses continued to reopen following the lockdown, survey data from IHS Markit showed Monday.

The manufacturing Purchasing Managers' Index rose more-than-expected to 53.5 in July from 49.0 in June. This was the highest reading since April 2018 and the expected score was 52.0.

There were concurrent returns to growth in both output and new orders. Manufacturers also raised their purchasing activity. Despite the upswings in production and order books, firms continued to operate well below capacity.

Employment declined for a fifteenth successive month, with several companies expecting to experience excess capacity for the foreseeable future.

Confidence about the future also remained subdued in July.

Manufacturing input costs continued to fall in July. However, overall degree of deflation was the softest in nearly a year. Due to competition, manufacturers reduced their output charges for the eleventh successive month.

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