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Italy’s factory sector slump also seems to be easing.
Firms reported that output actually rose in June compared to May, as plants were able to reopen. However, new orders kept falling, highlighting the slump in global demand.
Over in Spain, the factory slump appears to be bottoming out.
The latest Spanish manufacturing PMI, which measures activity in the sector, has jumped to 49 for June from 38.3. That’s close to stabilisation.
Spain Manufacturing #PMI up sharply to 49.0 in June (38.3 – May) as the decline in goods production slows markedly. Challenges conditions remain, however, as plants operate below capacity and new workflows remain weak. Read more: https://t.co/OSQRjxNmwg pic.twitter.com/C9z4BScGV5