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Eurozone manufacturing output showed slight upturn

in International Business

Eurozone manufacturing output showed slight upturn

Eurozone’s Purchasing Manager’s Index (PMI) went up from 45.1 in August to 46.1 in the month.

The manufacturing output has eased, yet a figure below 50 indicates contraction.

France reported a PMI of 42.7, one of its sharpest falls in history.

The Eurozone’s manufacture sector has shrunk for 14 consecutive months.

Manufacturers across the eurozone reported weaker demand in domestic markets, while export orders also fell.

More jobs were lost in the sector for the eighth month in a row, while input costs rose for the first time in four months.

“Despite seeing some easing in the rate of decline last month, manufacturers across the euro area suffered the worst quarter for three years in the three months to September,” said Markit’s chief economist Chris Williamson.

“The survey is consistent with manufacturing output falling at a quarterly rate of perhaps as much as 1%, which means the sector will act as a severe drag on economic growth.”

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