Spain’s manufacturing growth eased more-than-expected in February, though slightly, survey figures from Markit Economics showed Tuesday.
The seasonally adjused Purchasing Managers’ Index, or PMI, dropped to 54.1 in February from 55.4 In January. Economists had expected the index to fall to 55.0.
However, any reading above 50 indicates expansion in the sector and it still signaled a solid improvement in the health of the sector.
New orders climbed solidly in February amid reports of new business from regular customers and from export markets. New export orders grew at a weaker pace than in January.
Growth in manufacturing output also eased from the prior month. Nonetheless, the rate of expansion was the second-fastest in nine months.
Firms raised their staffing levels further in February on higher production requirements. Moreover, the rate of job creation improved at the sharpest pace since July 2015.
On the price front, input prices fell at a sharper rate in February, owing to cheaper oil and steel prices. Consequently, selling prices dropped more quickly than at the start of the year.
The material has been provided by InstaForex Company – www.instaforex.com