February saw a return to growth of Spain’s manufacturing economy, with both output and new orders staging marginal improvements since January. Employment growth was also signalled, whilst confidence in the future improved to its highest level for two years. However, disruption in the Red Sea and associated problems in the Suez Canal led to the steepest lengthening of delivery times since September 2022. This meant firms continued to lean on existing inventories to meet higher production requirements. The headline HCOB Spain Manufacturing Purchasing Managers’ IndexTM (PMI®) moved back above the crucial 50.0 nochange ... (full story)