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Spanish factory activity grows in Sept. at fastest rate since April - PMI
October 3, 2016 / 7:19 AM / a year ago

Spanish factory activity grows in Sept. at fastest rate since April - PMI

MADRID, (Reuters) - Spanish manufacturing activity grew in September at the fastest rate since April, a survey showed on Monday, with new orders expanding rapidly and little sign of any impact from a nine-month political impasse.

Markit’s Purchasing Managers’ Index (PMI) of manufacturing companies stood at 52.3 in September, up from 51.0 in August.

The index has held above the 50 line separating growth from contraction for every month since November 2013.

”The nascent recovery in new orders in the Spanish manufacturing sector continued in September, breathing life back

into the sector and hopefully signalling an end to the recent soft patch,” senior economist at Markit Andrew Harker said.

”Less positive were signs that manufacturers are reluctant to hold stocks at present, suggesting that they would like to

see some more sustained new order growth before becoming more confident about the near-term outlook.”

New orders in September expanded at their fastest rate in five months, with the index rising to 52.8 from 50.4 a month

earlier.

Spain has had only a caretaker government since inconclusive elections in December and in June, freezing public contracts and structural reforms. But the economy has continued to grow at a rate above the European average.

Reporting by Paul Day; Editing by Hugh Lawson

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