Eurozone Manufacturing Activity Shrank In August
market
Research Institute Markit Economics9 released the latest data on June 1, indicating that the Manufacturing Purchasing Managers Index (PMI) of the euro area in August dropped to 49 from 50.4 in July, the first decline to 50 below September 2009, and less than 49.7 of the market expected value.
The above data are based on more than 3000 Euro zones.
Manufacture
According to the survey conducted by enterprise managers, PMI above 50 indicates that manufacturing activity expansion is less than 50, indicating that manufacturing activity is shrinking.
The data show that, thanks to the prolonged European debt crisis, the euro zone's manufacturing activity ended two years of growth in August, with the effect of the fiscal tightening policy of Member States.
Economics
The recovery has stagnated.
Newest
data
It also confirms that the European debt crisis is eroding the core economies of the euro zone.
The final value of German manufacturing PMI in August dropped from 52 in July to 50.9, barely maintaining its expansion.
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