Spanish July factory activity contracts most since 2020 lockdown-PMI

Spanish July factory activity contracts most since 2020 lockdown-PMI

Summary : Factory activity in Spain contracted in July for the first time in a year and a half as inflationary pressures and macroeconomic uncertainty weighed on demand, a survey showed on Monday. S&P Global’s Purchasing Managers’ Index (PMI) for manufacturing fell to 48.7 in July, down from 52.6 in June, according to the survey.

The PMI survey doesn’t bode well for the manufacturing sector in the third quarter after it expanded a scant 0.1% in the April to June period, according to data released by the official statistics agency INE on Friday.

Spanish 12-month inflation to July rose to 10.8%, its fastest pace since 1984, INE said on Friday.

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