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Germany : Eurozone manufacturing contracts for 7th month
Publish Date : 24-Aug-2012
Eurozone manufacturing activity contracted for a seventh month in a row in August, but nudged off a three-year low, according to preliminary survey data released on Thursday.
An initial calculation of the Purchasing Managers Index (PMI), a survey of 3,000 eurozone manufacturers compiled by Markit research firm, came in at 45.3 in August, up from 44.0 in July.
A score below the neutral 50 mark indicates contraction.
The surveys are an important leading indicator of economic activity.
Markit noted that while the pace of decline in manufacturing output eased slightly since July, it accelerated for services, falling to 47.5 from 47.9 in July.
The composite PMI reading, including services, came in at 46.6, up from 46.5 in July.
It said the decline in total activity was widespread, with the pace of contraction easing in France but accelerating in Germany.
The composite PMI for France came in at 48.9, up from 47.9 in July.
Germany\'s composite PMI fell to a 38-month low of 47.0 from 47.5 in July.
Markit senior economist Rob Dobson said the July-August data pointed to a 0.5-0.6 per cent drop in eurozone gross domestic product in the third quarter this year, unless there was a strong recovery in September.
\"The real interest inevitably comes from the national breakdown,\" he said. \"Hopes that German economic strength will aid recovery in the broader currency union were dealt a blow by its rate of economic contraction accelerating, and further signs that its export engine has slammed into reverse gear.\"
