Monday, September 3, 2012

Eurozone manufacturing PMI falls again in August


Manufacturing output across the 17-country eurozone shrank again in August, according to a widely-watched survey.
The Purchasing Managers Index (PMI) showed the region's manufacturing sector contracted despite factories cutting prices.
Markit's final PMI was 45.1, above July's three-year low of 44.0.
However, the figure was the 13th month in a row that it was below the 50 mark that indicates growth.
The latest figures from China showed its manufacturing activity fell, too, to a nine-month low in August, adding to fears that its economy is slowing faster than estimated.
China's PMI fell to 49.2, the lowest reading since November 2011.
Meanwhile, in the UK, the downturn in manufacturing unexpectedly eased last month as domestic orders boosted output, with its PMI rising to a four-month high of 49.5 in August from a downwardly revised 45.2 in July.