Spain Manufacturing PMI
Published:
Seasonally adjusted survey index of Spanish manufacturing conditions; 50 = no change.
Full explanation
The HCOB Spain Manufacturing PMI is a monthly survey of purchasing managers at manufacturers in Spain, compiled by S&P Global. The headline is a seasonally adjusted index built from new orders, output, employment, suppliers' delivery times and stocks of purchases. 50 means no change on the previous month: above 50 indicates manufacturing activity is expanding, below 50 that it is contracting. There is no flash estimate; a single final figure is published on the first working day of the following month. It is a national survey covering Spain only and is separate from the HCOB Eurozone Manufacturing PMI, which aggregates several countries.
Why traders watch it
It is one of the earliest monthly readings on Spanish factory activity, released well before official production data.
Stronger vs weaker outcomes
Readings above 50 signal that manufacturing conditions improved on the previous month; below 50 signal deterioration. A reading further from 50 means a faster pace of change. Stronger-than-expected readings tend to support the currency and bond yields.
A higher reading means manufacturing conditions improved more strongly.
A lower reading means conditions improved less or deteriorated.
Above 50 = expansion; below 50 = contraction.
Release details
- Release frequency
- Monthly (first working day of the following month)
Typical volatility
Low. This is the Spain national survey, not the Eurozone manufacturing PMI, and not a services or composite PMI.
Trading considerations
- Compare with the 50 line and with consensus.
- Look at new orders for direction.
- Do not confuse with the Eurozone PMI released the same morning.
Educational guidance only — never a trading signal or recommendation.
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