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Fall in Spanish new orders undermines growth during June
Spain’s manufacturing sector continued to expand during June, but at its slowest rate in nearly a year-and-a-half as manufacturing output growth slowed and order books fell slightly. Confidence about the future improved, however, which helped to explain some marginal employment gains. Meanwhile, supply-side constraints persisted, albeit to a lesser degree than in recent months, whilst inflation remained high though maintained its recent downward trend. Inventory building of raw materials and semi-manufactured goods persisted at a strong pace. The headline S&P Global Spain Manufacturing PMI – a composite ... (full story)