Latest data released by Markit - 1 July 2020
- Prior 38.3
Much like what we have seen with the French and German flash readings, factory activity shows a modest rebound in June - at least in terms of the headline print. Looking at the details, output and new orders continue to fall but at a noticeably slower rate.
But there were several indicators hinting that conditions are still not quite at full capacity and that is to be expected still in the coming months. Markit notes that:
"Spain's manufacturing economy moved closer to stabilisation during June as economic activity showed signs of picking up in line with a loosening of COVID-19 restrictions.
"However, evidence from the latest report again highlights the challenges ahead for the sector to recover lost ground. Production plants continue to operate well below capacity, with reports from manufacturers of reduced working hours in place as incoming new workflows remain weak. Manufacturers subsequently cut their staffing levels markedly again.
"Nonetheless, confidence has shown some improvement, returning to positive territory as hopes build that the recovery from the pandemic is underway."
