Spain Records Strong Manufacturing Reading in June

Spain’s manufacturing activity recorded its strongest reading for more than two years in June, suggesting the sector’s long contraction may have stabilised.

An rise in new orders pushed Spain’s purchasing managers’ index (PMI) up to 50, from 48.1 in May.

The monthly industry survey provides a snapshot of industry conditions and a reading above 50 indicates growth.

Meanwhile, separate data showed that the eurozone unemployment rate reached 12.1% in May, its highest level ever.

Unemployment across the 17-countries, according to the European Union statistical agency, was just above April’s figure of 12%, which had been revised down from an earlier estimate of 12.2%, making May’s figure the new record.

Other economic data released by Eurostat on Monday showed inflation in the eurozone rose to 1.6% in June, from 1.4% in May.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza