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Eurozone composite PMI falls to 18-month low in July

by ChemOrbis Editorial Team -
  • 25/07/2016 (14:56)
According to a preliminary purchasing managers’ index (PMI) released by Markit Economics, a combined measure of manufacturing and service output in the eurozone fell to the lowest level seen since January 2015. The composite PMI fell to a reading of 52.9 from a reading of 53.1 in July. However, the latest figures represented a slower pace than Reuters economists’ expectations which called for a decrease to a reading of 52.5. Any reading above 50 represents an expansion.

Markit reported in its official website that the improvements in France’s and Germany’s PMI data contrasted with the rest of the region, where the surveys signaled the weakest rise in activity since December 2014 as growth rates fell in both manufacturing and services.

The manufacturing PMI fell to a two-month low of 51.9 from 52.8 in June while flash services PMI also decreased to a 18-month low of 52.7 from June’s 52.8.

According to Markit, the latest figures pointed to an economic growth rate of 0.3% for the third quarter.
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