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Eurozone manufacturing PMI slows in January

by ChemOrbis Editorial Team - content@chemorbis.com
  • 01/02/2016 (16:40)
According to a purchasing managers’ index (PMI) compiled by Markit Economics, growth in manufacturing activities in the eurozone slowed to a reading of 52.3 in January from December’s 53.2. The reading for January was in line with an earlier flash estimate. Any reading above 50 represents an expansion while any reading below 50 indicates a contraction.

Lower orders and exports were cited as the reasons behind the slower PMI while weak global trade, plunging oil prices and the persistently slowing Chinese economy continue to weigh down on global markets. The latest index also revealed that the output index fell to 53.4 from 54.5 in December.

Across the region, Italy’s manufacturing PMI fell to a reading of 53.2 in January from a reading of 55.6 in December, missing initial forecasts of 55. Germany’s manufacturing PMI exceeded economists’ forecasts of 52.1, rising to 52.3 in January. France’s PMI, meanwhile, was stable at December’s level of 50.

Last week, a composite purchasing managers’ index (PMI) compiled by Markit Economics showed that a combined measure of manufacturing and service output in the eurozone fell to a reading of 53.5 in January from December’s reading of 54.3.
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