Spain’s manufacruting PMI fell to 41.1, reflecting “fastest deterioration of operating conditions in the sector since May 2009.”Economists were expecting a read of 41.3.
This is down slightly from the already low May number of 42.0.
A reading below 50 signals contraction in the sector.
“The June set of manufacturing PMI figures for Spain provide further evidence of the deep contraction currently taking place in the sector, with production, new business and employment all falling at ever sharper rates,” writes Markit economist Andrew Harker. “The current downturn stretches back more than a year and shows no sign of easing off.
- Rate of decline in output accelerates for fifth month running
- Input costs fall for first time in five months
- Further sharp reduction in employment