Spain October manufacturing PMI 44.7 vs 47.5 expected

• Prior 49.0

The downturn in Spain's manufacturing sector accelerated last month, with output and new orders falling severely. Business confidence also slumped further to its lowest since May 2020, in a sign that manufacturers are still not optimistic about the outlook heading towards year-end. S&P Global notes that:

“Spain’s manufacturing economy suffered a dual collapse in both output and new orders during October, registering declines not seen since the pandemicinduced lockdowns of 2020 and, prior to that, the Eurozone debt crisis of 2012.

“This should highlight the severity of the challenges engulfing the sector as widespread economic uncertainty and the impacts of high inflation weigh heavily on demand and industry performance.

“Firms responded by cutting purchasing activity and jobs sharply, especially given no obvious current route of the crisis. Indeed, confidence about the outlook sank to a near two-and-a-half-year low in October amid expectations that high inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term and economic uncertainty will persist over the coming months."