Eurozone manufacturing still shrinking faster than thought
The eurozone manufacturing sector contracted faster than previously thought last month, despite factories cutting prices, as core countries failed to provide any support, a survey showed.
”Larger nations like France and Germany remain in reverse gear... the (manufacturing) sector is on course to act as a drag on gross domestic product in the third quarter,” said Rob Dobson, economist at Markit.
Markit’s Purchasing Managers’ Index for the manufacturing sector fell from an earlier flash reading of 45.3 to 45.1, above July’s three-year low of 44.0, but below the 50 mark indicating growth.