Spanish manufacturing output down for 6th straight month in Dec -PMI

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The S&P Global Purchasing Managers’ Index (PMI) for manufacturing rose to 46.4 in December from 45.7 in November but still remained below the 50.0 mark that separates growth from contraction. .

“December led to a miserable half year or so for the Spanish manufacturing economy, with the sector probably mired in a technical recession,” said S&P Global economist Paul Smith.

From all the data collected during the month, however, there is hope that manufacturing in Spain is stabilizing, he added.

“There were also signs that the dominant themes of the pandemic – supply constraints and then exceptionally high price pressures – are loosening,” he added.

The wages of the sector stabilized after five months of contraction, which could mean good news for the government, which is hoping that Spain can avoid the recession that threatens many European countries thanks to the resistance of its labor market .

Spanish consumer prices rose 5.8% year-on-year in December – their slowest annual pace in 2022. Economic growth slowed sharply to 0.2% in the third quarter from the previous three-month period, but the government still expects full-year growth of more than 5% for 2022.

(Reporting by Inti Landauro; Editing by Hugh Lawson)

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