Eurozone PMI remains stable in June

Tuesday, 03 July 2012 14:53:32 (GMT+3)   |  
       

Markit's Eurozone Manufacturing Purchasing Managers Index (PMI) remained unchanged in June this year at 45.1 points, up slightly from its earlier flash estimate of 44.8. Over the second quarter as a whole, the PMI registered its lowest average reading, 45.4, since the second quarter of 2009.

The PMI survey signaled manufacturing contractions in all of the five largest national economies in June. The rate of decline in Germany was the steepest for three years, and marked a fourth successive monthly decline in the region's largest economy.

The level of new export orders in the euro area in June fell at the fastest pace since last November, with Germany particularly registering a substantial pace of decrease. Greece was the only country reporting a steeper rate of export order book decline than Germany

Chris Williamson, chief economist at Markit, said, "The Eurozone Manufacturing PMI suggests that the goods-producing sector contracted by around 1 percent in the second quarter, with this steep rate of decline looking set to accelerate further as we move into the second half of the year. Companies are clearly preparing for worse to come, cutting back on both staff numbers and stocks of raw materials at the fastest rates for two-and-a-half years." 


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