Industry and Energy

Home page

Industry and Energy

Euro-zone July manufacturing PMI hits 37-month low

02 August 2012 14:55 (UTC +04:00)

Baku - APA-Economics. Manufacturing activity in the 17-nation euro zone contracted at its fastest pace in more than three years in July, according to a survey of purchasing managers released Wednesday, MarketWatch reported.

The Markit euro-zone purchasing managers’ index fell to a 37-month low of 44.0, down from 45.1 in June and slightly below a preliminary estimate of 44.1. A reading of less than 50 signals a contraction in activity. Markit noted widespread weakness, with almost all national PMIs below the 50 level. Ireland bucked the trend, rising to a 15-month high at 53.9. "Output fell at the fastest rate since mid-2009, consistent with the official measure of production falling at a quarterly rate in excess of 1%. Manufacturing therefore looks to be on course to act as a major drag on economic growth in the third quarter," said Chris Williamson, chief economist at Markit.