RTTNews - Spain's manufacturing purchasing managers' index or PMI continued to show deterioration in operating conditions in August, a report by Markit Economics showed Tuesday.
The seasonally adjusted PMI stood at 47.2, with the index now registering a decline in each of the past 21 months. Output decreased slightly, reflecting the weakness within the wider Spanish economy. New orders rose for the second consecutive month, although the rate of increase was slow.
Backlog of work fell further in August due to the presence of spare capacity. Employment continued to decline, and this was the second consecutive year that employment declined. Purchasing activity fell, while the decline in stocks was the steepest on record.
Meanwhile, input costs fell at the smallest pace in the past ten months. Output prices also continued to fall, due to heightened competition and increased pressure from clients.
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