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Eurozone Feb manufacturing PMI hits lowest level in a year

by ChemOrbis Editorial Team -
  • 01/03/2016 (16:02)
According to a final purchasing managers’ index (PMI) compiled by Markit Economics, growth in manufacturing activities in the eurozone fell to a 12 month low of 51.2 in February, from January’s reading of 52.3. However, February’s reading exceeded the flash estimate of 51. Any reading above 50 represents an expansion while any reading below 50 indicates a contraction.

The report also showed that rates of expansion in new business and new export orders eased to the weakest levels seen since April 2015 and January 2015 respectively. Markit’s Chief Economist reportedly said that weaker manufacturing data intensified concerns that the region may face another year of sluggish growth in 2016.

Across the region, Germany’s manufacturing PMI declined to a reading of 50.5 in February from a reading of 52.3 in January. France’s manufacturing PMI rose to a two-month high of 50.2 in February from January’s reading of 50.

Markit’s PMI report also showed that Spain’s manufacturing PMI declined to a two month low of 54.1 in February while Italy’s manufacturing PMI also fell to a reading of 52.2, posting the lowest level seen in a year.
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