Spain Manufacturing Activity Records Sharp Decline

Markit Economics announced on Monday that the Spain Manufacturing Purchasing Managers' Index stood at a seasonally adjusted 45.3 in January, up from 45.2 in the previous month.

A reading above 50 indicates expansion, while one below suggests contraction. The PMI has now posted below the no change 50-mark for the twenty-sixth straight month.

Manufacturing output declined for the sixth month running in January, largely due to a further reduction in new order levels. Panelists blamed lower demand and intense international competition for the decline in new orders.