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Growth for Spanish Manufacturing in Jan

Tue 1st Feb 2011

Spain's manufacturing industry showed slight signs of growth this month, due largely to an increase in new orders, according to a report released earlier today by Markit.

The seasonally adjusted manufacturing purchasing managers' index increased to a nine-month high of 52 this month from 51.5 last month. A PMI reading above 50 indicates expansion of the sector and the latest PMI score crossed the no-change mark of 50 for the second conecutive month.

The recorded growth has been attributed to the increase of new orders from the export market, while new orders overall grew at the fastest rate in over nine months.

A steady growth in output was seen in January as a result of new orders being generated, although the increase was less than that seen in Decemeber. However, this rise in demand was not enough to stave off further job cuts, resulting in a fall in employment numbers for the sector last month.

Throughout January, input costs increased at the sharpest rate in the series history. According to Markit, this resulted in businesses increasing their prices, however the rate of inflation was far lower than that seen for input costs. This increase in charges was the strongest since July 2008.

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