Prior 45.1Despite some improvement, Spain's manufacturing sector remains in contraction as a decline in both output and sales is still proving to be a drag. Job losses are also becoming more evident now, so that is a point of concern for the months ahead. HCOB notes that:“Spain’s manufacturing sector remains in reverse gear. In November, factory output continued to decrease, revving up the decline a tad faster than the previous month. Other indicators like new orders, purchase of goods and backlog of orders are shrinking too, but at a much slower pace than in October. These indexes partially reversed the falls of the month before. Interpreting a one-off change in the direction of monthly ind
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