MADRID (dpa-AFX) - Spain's manufacturing sector deteriorated at a substantial pace in December due to declines in production and new business, data from Markit Economics showed Monday.
The seasonally adjusted Purchasing Managers' Index posted 43.7 in December, little-changed from the reading of 43.8 in the previous month. A reading below 50 indicates contraction in the sector.
New business fell for the eighth consecutive month in December, in turn leading to a reduction in production. Employment decreased again in December.
Input costs dropped for the third month driven by weaker demand for inputs. Manufacturers reduced their output prices, reflecting the fall in input prices and to stimulate demand.
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