MADRID: The Spanish manufacturing sector has expanded in February as new orders logged its fastest growth since April 2007, survey data from Markit Economics showed Monday. But the overall rate of growth moderated from January.
The seasonally adjusted Purchasing Managers’ Index fell to 54.2 in February from 54.7 in January. The health of the sector strengthened in each of the past 15 months. New orders growth accelerated at the fastest pace since April 2007. The increase in outstanding business was also the strongest since April 2007. Purchasing activity rose a solid pace in response to increased output requirements. Increasing client demand led firms to take on extra staff again and a solid rise in purchasing activity was recorded.
Nonetheless, the rate of job creation was the slowest since last October. Lower oil prices contributed to another reduction in input costs in the sector, with firms passing on savings to customers by way of decreasing output prices.
