The rate of decline in activity in the manufacturing sector in Spain accelerated last May, according to the Purchasing Managers’ Index (PMI), which fell to 48.4 points from April 49, thus matching its largest contraction so far this year, according to S&P Global and Hamburg Commercial Bank.
“The global weakness of the manufacturing sector does not leave Spain untouched either,” said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, for whom one of the problems facing Spanish industry is the deterioration of the sector in France, its closest trading partner. important, and the biggest drop in foreign orders.
Thus, the Spanish factories reduced their production in May, signaling the first contraction since January, while they continued to show caution in their purchases, which allowed a further drop in stocks and relief in delivery times.
The combination of weak demand conditions and a sustained improvement in supply conditions helped drive costs down again in May, largely thanks to the moderation in energy and commodity prices, which allowed The companies pass the declines on to their sales prices, which fell at the steepest rate since August 2020.
On the other hand, employment levels in the Spanish manufacturing sector increased for the fourth consecutive month in May, although the hiring rate was the lowest in the period.
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