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Financial News: Eurozone Factory Growth Weakens To 18-Month Low

Eurozone Factory Growth Weakens To 18-Month Low

07/02/2018 - 04:34:00 (RTTNews)

(RTTNews) - Eurozone factory activity grew at the weakest pace in more than a year in June, final data from IHS Markit showed Monday.

The factory Purchasing Managers' Index fell to an 18-month low of 54.9 in June from 55.5 in May. This was slightly below the flash estimate of 55.0.

The PMI has signaled a weakening in the pace of expansion in each month since the turn of the year, as manufacturers have experienced a synchronized easing in growth of both production and new order volumes.

Weaker expansions were also seen in Germany, France and Greece, with France dropping to the bottom of the growth league table.

Eurozone manufacturing reported its weakest expansion for one-and-a-half years in June, with risks clearly tilted towards output growth waning further in coming months, Chris Williamson, chief business economist at IHS Markit, said.

Germany's headline IHS Markit/BME PMI fell to an 18-month low of 55.9 in June, in line with flash estimate, from 56.9 in May. The index has declined in each of the past six months from a survey-record high last December.

Similarly, France's indicator came in at 52.5, down from the flash 53.1 and below May's 54.4. The latest reading was the lowest for 16 months. Moderation in new business growth was the main factor weighing on manufacturing companies.

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