Eurozone manufacturing grows at weakest rate since August 2016
by ChemOrbis Editorial Team - content@chemorbis.com
According to a purchasing managers’ index (PMI) released by Markit Economics, the manufacturing sector of the single currency area continued to signal a slowdown in growth and the region’s PMI fell to 51.8 in November. The figure marked the lowest reading since August 2016.
The survey showed that the overall production of manufactured goods rose at the weakest pace in almost five years of continuous growth, while the export trade fell for the second month in a row.
The overall slowdown in the region was mostly attributed to the second successive monthly deterioration in new orders, while the weakening demand was in part linked to challenging conditions in the auto industry.
The latest data also showed a darker outlook, driven by concerns over trade wars and tariffs as well as intensifying political worries.
France, Germany, Italy and the UK registered the lowest readings of all countries covered by the survey, and Italy posted its lowest reading in almost four years. Meanwhile, Spain saw some improvement in its manufacturing sector and gains were seen in Austria, Greece, Ireland and the Netherlands.
The survey showed that the overall production of manufactured goods rose at the weakest pace in almost five years of continuous growth, while the export trade fell for the second month in a row.
The overall slowdown in the region was mostly attributed to the second successive monthly deterioration in new orders, while the weakening demand was in part linked to challenging conditions in the auto industry.
The latest data also showed a darker outlook, driven by concerns over trade wars and tariffs as well as intensifying political worries.
France, Germany, Italy and the UK registered the lowest readings of all countries covered by the survey, and Italy posted its lowest reading in almost four years. Meanwhile, Spain saw some improvement in its manufacturing sector and gains were seen in Austria, Greece, Ireland and the Netherlands.
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