Employment in the manufacturing industries of both France and Spain declined in July by faster rates than seen in over two and a half years.
This is according to the respective Purchasing Managers Indices produced by research firm Markit Economics.
France saw the fifth consecutive month of job contraction, and the rate of job losses was the highest since September 2009, while the overall reading for the performance of the manufacturing economy was the lowest since May 2009.
Overall, business conditions in Spanish manufacturing did pick up slightly – only in as much as the rate of contraction of the industry’s activity was not as rapid in July as it had been in June. Meanwhile, the rate of job shedding quickened to the fastest rate seen since December 2009.
