Monday, September 3, 2012

Eurozone manufacturing drops for 7th month in a row in August 2012, France and German continue downward spiral

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9/3/12, "Eurozone manufacturing contracts more than thought: PMI," AFP, via Business Recorder, Pakistan

"Eurozone manufacturing activity contracted for a seventh month in a row in August, and more than initially thought even if there was a slight improvement on July, final survey data showed on Monday.

The Purchasing Managers Index (PMI), a survey of thousands of eurozone manufacturers compiled by Markit research firm, came in at 45.1 in August, down from a flash estimate of 45.3 although up from 44.0 in July.

Any score below the neutral 50 mark indicates contraction.

The surveys are an important leading indicator of economic activity....

"Only Ireland saw manufacturing output rise, while larger nations like France and Germany remain in reverse gear," he added.

"The situation in Italy is also becoming more of a cause for concern." Italy's score hit a 10-month low of 43.6.

Taking manufacturing and services data together, Dobson has already tipped a drop in eurozone GDP for the third quarter of up to 0.6 percent."...


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