Spain June manufacturing PMI 49.7 vs 51.0 expected
- Manufacturing PMI 49.7 vs 51.0 expected
- Prior 51.2
That's a notable miss on estimates as Spanish manufacturing activity slumped to a marginal contraction in June. A steeper drop in new orders and lower output underpins the deterioration of manufacturing sector. Meanwhile, high prices and unwinding of client stockpiling leads to lower sales.
The Middle East conflict continues to weigh heavily on market demand, leading to an accelerated and marked drop in new orders. As such, production also fell for the first time in three months.
Besides that, S&P Global highlights the pain points on supply chains and prices too:
"Regarding supplier performance in June, the impact on supply chains of the Middle East conflict was again keenly felt. Whilst easing on May’s recent record, vendor delivery times deteriorated to a historically marked degree. Firms reported that supply chains remained under noticeable stress, with shipping delays and stock shortages at vendors common.
Supplier prices were also reported to be still rising in June and meant that cost inflation was still elevated, despite easing quite noticeably on May’s four-year high. The impact of elevated oil and gas prices due to the conflict in the Middle East was reported to be pushing up prices for a wide range of goods from suppliers. Similarly, manufacturers themselves chose to increase their own charges, with the latest data showing the steepest rise in output prices since October 2022."
That's not a good look if the trend catches on elsewhere in the region, which is likely, and carries over into the summer. Stagflation much?
This article was written by Justin Low at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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