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Spain’s Manufacturing PMI ((Purchasing Managers’ Index)) dropped to 52.30 points in June from 54 points in May 2024, signalling a slower, and more modest rate of expansion.
Supporting the PMI in June were concurrent, but slower, increases in both output and new orders. Manufacturers also noted a marginal increase in their stocks of finished goods, partly due to positive order pipelines.
Key findings include: production and new orders rise again, but at slower rates; weaker growth in employment as confidence softens; input cost inflation accelerates to highest since November 2022.
“Uncertainty following European elections is putting pressure on Spanish manufacturers. In June, the index value fell significantly from 54.0 to 52.3. A crucial difference compared to the whole of Europe, however, is that the index in Spain is still in the weak growth area, while it has recently signalled accelerated contraction in the Eurozone according to the Flash PMIs. Production and demand grew in June, but much more slowly than in May. Correspondingly, business expectations have fallen to their lowest level in 2024 and below the historical average.” Jonas Feldhusen, Junior Economist at Hamburg Commercial Bank, said.
ETFs: (EWP), (EUFN)