Spain's factories pick up pace in May as lockdown eases: PMI

IHS Markit’s Purchasing Managers’ Index (PMI) of manufacturing companies rose to 38.3 in May from 30.8 in April, the biggest increase in a single month since the survey started in February 1998. Restrictions on non-essential economic activity in Spain and around the globe had sparked record falls in production, new orders and exports in April. The Spanish economy shrank by the widest margin on record in the first quarter. The International Monetary Fund has predicted a contraction of 8% in 2020 and Spain’s central bank has forecast a recession of up to 12.4%.