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Manufacturing in Europe Still Contracting
Factory activity in the eurozone continued to shrink in June, as manufacturers reported the steepest drop in output since May 2009, according to a preliminary estimate by London-based Markit Economics.
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Factory activity in the eurozone continued to shrink in June, as manufacturers reported the steepest drop in output since May 2009, according to a preliminary estimate by London-based Markit Economics.
Markit's index, which is based on a survey of purchasing managers, slid to a three-year low of 44.8 this month from 45.1 in May. Any reading below 50 indicates contraction.
Across the 17-nation eurozone, new orders fell for the 13th straight month. Order backlogs and employment also declined sharply. Raw materials prices continue to rise, but prices for finished goods fell for the first time since March 2010.
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