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Spain PMI November 2019

Spain: Composite PMI bounces back from near six-year low in November

Reflecting a softer contraction in manufacturing activity and faster growth of the services sector, the IHS Markit composite Purchasing Managers’ Index (PMI) rose to 51.9 in November from 51.2 in October, which had marked a near six-year low. Thus, the index moved further above the 50-threshold, indicating healthy expansion in business activity.

The IHS Markit Manufacturing PMI climbed to 47.5 in November from 46.8 in October. Despite the increase, however, the index remains below the 50-threshold, where it has been for six successive months, and signaled contractionary conditions in the sector. The upturn was mainly driven by a milder drop in both output and new orders; that said, their decline was still marked, largely reflecting subdued demand amid persistent political and economic uncertainties domestically and abroad. In addition, manufacturers shed jobs for the seventh month running in November, while confidence remained downbeat. On the price front, both input costs and output charges fell again in the month.

Similarly, the IHS Markit Services PMI advanced to 53.2 in November from 52.7 in October mainly on stronger new business gains. Notably, the domestic market was the main source of new sales, as export business declined in the surveyed month. Regarding prices, although operating expenses rose sharply on higher transportation, utility and labor costs, firms cut selling prices for the fourth month in a row amid strong competition. Lastly, service providers raised their workforce numbers modestly, while business confidence improved despite concerns over the domestic political environment.

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