Spain’s services sector grew modestly for the second month in a row

Spain’s services sector grew modestly for the second month in a row in July after a coronavirus lockdown decimated economic activity in April and May, but firms still shed jobs amid an uncertain future.

Markit’s Purchasing Managers’ Index (PMI) of services companies, which account for around half of Spain’s economic output, rose to 51.9 from 50.2 in June.

The 50 line separates growth from contraction, and the survey hit a record low of 7.1 in April.