HCOB Spain Manufacturing PMI points to sharp downturn in October
The HCOB Spain Manufacturing PMI fell to 40.9 in October, down from 44.6 in September. This was the lowest reading since May 2020, and the sixth consecutive month of contraction.
The decline in the headline PMI was led by a sharp drop in new orders, which fell at the fastest pace since May 2020. Output also declined, although at a slower pace than new orders.
Employment in the manufacturing sector also continued to decline in October, with the rate of job losses accelerating to the fastest since May 2020.
The HCOB Spain Manufacturing PMI is a composite index that measures the performance of the manufacturing sector in Spain. It is based on a survey of approximately 200 companies in the manufacturing sector, and it is published by IHS Markit.
The latest PMI reading suggests that the Spanish manufacturing sector is experiencing a sharp downturn. This is likely to be due to a combination of factors, including the ongoing COVID-19 pandemic, the war in Ukraine, and the rising cost of living.
The decline in manufacturing output and new orders is a particular concern, as it suggests that the Spanish economy is starting to slow down. The acceleration in job losses is also a worrying sign, as it could lead to a rise in unemployment in the coming months.
Overall, the latest PMI reading is a negative sign for the Spanish economy. It suggests that the recovery from the COVID-19 pandemic is stalling, and that the country could be heading for a recession.
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