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Financial News: Eurozone Manufacturing Contracts Most Since 2012

Eurozone Manufacturing Contracts Most Since 2012

08/01/2019 - 05:31:00 (RTTNews)

(RTTNews) - The euro area manufacturing sector contracted the most since the end of 2012 in July but at a slower than initially estimated pace, final data from IHS Markit showed Thursday.

The manufacturing Purchasing Managers' Index fell to 46.5 in July from 47.6 in June. The score signaled the sharpest deterioration in operating conditions since December 2012.

The reading was also below the neutral 50-mark for the sixth consecutive month. Nonetheless, the score was slightly above the flash reading of 46.4.

Rising geopolitical concerns, namely trade wars and Brexit, and worries about slower economic growth both domestically and internationally were all widely reported as having subdued current demand and hit confidence in the outlook, Chris Williamson, chief business economist at IHS Markit said.

"The concern is that, while policymakers have become increasingly alarmed at the deteriorating conditions, there may be little that monetary policy can do to address these headwinds," Williamson added.

Germany remained a source of weakness, with its manufacturing economy recording its sharpest deterioration in operating conditions for seven years. France, Italy and Spain also logged below 50 readings in July.

Germany's manufacturing sector moved deeper into the contraction zone in July. The Markit/BME factory PMI fell to 43.2 from 45.0 in June.

The flash reading for July was 43.1. The reading signaled the steepest decline in manufacturing conditions since mid-2012.

Elsewhere, France's factory sector contracted in July driven by renewed falls in both output and new orders. The PMI came in at 49.7 in July, down from 51.9 in June and the flash reading of 50.0.

Spain's PMI rose to 48.2 in July from a 74-month low of 47.9 seen in June. However, the sector has contracted for the second straight month.

Italy's PMI has remained below 50 for the tenth month in a row in July. At 48.5, the index was up from 48.4 in June.

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