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Factory Activity Contracts in Europe
Manufacturing activity in the eurozone shrank for the eighth straight month in March, according to London-based Markit Economics.
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Manufacturing activity in the eurozone shrank for the eighth straight month in March, according to London-based Markit Economics.
The firm's index, which is based on a survey of purchasing managers, fell to a three-month low of 47.4 last month from 49 in February. A reading below 50 indicates contraction.
Markit says eurozone manufacturers suffered a "miserable March" in part because of rising oil prices and declines in production and new orders. The firm's survey also found that the region's manufacturing employment fell in February and March at the fastest pace in two years.
Factory activity dropped to a three-year low in France and shrank in Germany after a slight expansion in February. Manufacturing activity contracted for the 11th straight month in Spain and the eighth consecutive month in Italy.
Separately, Markit reports that the U.K. manufacturing sector in March grew at its fastest pace in 10 months. The country's index rose to 52.1 from 51.5 in February.
Analysts say the latest economic data indicate that Europe's economy, which shrank 0.3% in the October-December period, probably contracted again in the first quarter of this year. That would constitute a recession, which is defined as at least two consecutive quarters of contraction.
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