Spain's manufacturing sector contracted for the first time in four months in November, a survey by Markit Economics revealed Monday.
The seasonally adjusted purchasing managers' index fell to 48.6 in November from 50.9 in October. A PMI reading above 50 indicates expansion of the sector while a reading below 50 suggests contraction.
The reading was the lowest since May and signaled the first deterioration in operating conditions in four months, Markit said.
New business decreased for the first time in six months, largely reflecting declining domestic demand. Meanwhile, new export orders continued to increase, albeit at the slowest pace since July.
Falling new business led manufacturers to lower production, ending a three-month sequence of expansion. Conditions in the labor market continued to deteriorate, with employment falling at a marked pace, the report said.
For comments and feedback: editorial@rttnews.com