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Financial News: Eurozone Factory Growth At 8-Month Low

Eurozone Factory Growth At 8-Month Low

04/03/2018 - 04:47:00 (RTTNews)

(RTTNews) - The euro area manufacturing activity grew at the slowest pace in eight months in March, final data from IHS Markit showed Tuesday.

The final manufacturing Purchasing Managers' Index fell to 56.6 in March from 58.6 in February. The score came in line with flash estimate.

This was the lowest score in eight months. Nonetheless, a reading above 50 indicates expansion in the sector.

"We should not be too worried by the fall in the PMI as some moderation in the pace of growth from the surge seen at the turn of the year was inevitable, not least because short-term capacity constraints limit the economy's ability to grow so quickly for long periods," Chris Williamson, chief business economist at IHS Markit, said.

Rates of expansion eased across all of the nations covered by the latest PMI surveys in March.

Germany's IHS Markit/BME factory PMI dropped to 58.2 in March from 60.6 in February. The latest reading was the lowest since July 2017 and below the flash estimate of 58.4.

At the same time, France's manufacturing PMI came in at 53.7 in March to signal an eighteenth consecutive improvement in the overall health of the manufacturing sector. The flash score was 53.6.

Nevertheless, the index reading was down from 55.9 recorded in February, and consistent with the weakest pace of growth for a year, the survey showed.

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