The mathematician of the Complutense University of Madrid, José-Vidal Ruiz Varela, argues that Europe must raise its borrowing limit, leaving its deflationary policy.
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Agenda Macro

Calendario económico en tiempo real proporcionado por Investing.com España.

Recuperación Económica del Sector Manufacturero Español

HCOB Spain Manufacturing PMI® PMI returns to growth on the back of rising new orders and output Key findings: Marginal gains in production and sales signalled Confidence improves to two-year high Red Sea conflict raises pressure on supply chains 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 The headline HCOB Spain Manufacturing Purchasing Managers’ IndexTM (PMI®) moved back above the crucial 50.0 nochange mark in February and thereby signalled the first month of growth recorded by the survey since March 2023. After accounting for seasonal factors, the index recorded 51.5, up from 49.2 in January and a 20-month high. Both output and new orders rose in February, bringing to an end nine and ten-month sequences of decline respectively. Companies reported that sales had risen on the back of improved demand, and the latest figures marked a turnaround from the noticeable contractions seen in recent months. However, growth was predominately led by the domestic market: new export orders continued to fall in February albeit at a slower pace. With output and new orders rising since the previous month, employment and purchasing activity also increased and marked returns to growth following sustained periods of contraction through much of 2023. The net increases were relatively mild, but in the case of employment the best since May 2023. Jobs were added to bolster productive capacity at a time of heightened confidence in the future. Optimism was the best recorded since February 2022, with firms expecting a continued pick up in sales and demand over the coming year. The more positive outlook occurred despite a further lengthening of delivery times in February. Conflict in the Red Sea and associated disruptions to shipping routes through the Suez Canal led to the steepest lengthening of delivery times for just under a year-and-a-half. Several companies suggested that these delays led to higher prices. Latest data showed that overall input costs rose in February. Although only marginal, it was the first time that inflation has been recorded for a year. Competitive pressures and efforts to drum up new business nonetheless meant that output charges declined again in February, albeit to the weakest degree since last August. Higher production requirements and delays in the delivery of inputs meant that firms continued to lean on existing inventories. Although the slowest in half-a-year, stocks of purchases fell at a solid pace. Still, firms were unable to completely keep on top of their workloads: backlogs of orders rose marginally in February to mark the first growth recorded by the survey since May 2022.

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