Operating conditions in Spain’s manufacturing economy improved in June. Output increased to a solid degree, whilst orders rose for the first time since January. Employment growth was sustained, and confidence in the outlook edged up to its highest since February. However, some panellists reported a subdued business environment overall, especially in international markets where tariffrelated uncertainty led to a drop in new export sales. Manufacturers also remained reluctant to purchase new inputs, preferring instead to utilise existing stocks especially in the face of ongoing supplier delivery delays. The survey’s ... (full story)