MW:Euro-zone manufacturing at near standstill in July
By William L. Watts
FRANKFURT (MarketWatch) -- The purchasing managers index for the euro-zone manufacturing sector fell to 50.4 in July, Markit Economics reported Monday, down from 52.0 in June and matching a preliminary estimate. The figure is the lowest since October 2009. A reading of more than 50 indicates growth in activity, while a figure of less than 50 signals a contraction. The data confirmed a slowdown in activity across the euro zone, with the German manufacturing PMI slipping to a 21-month low at 52.0, while France slid to a two-year low at 50.5. Spain and Greece both showed contractions in manufacturing activity with readings of 45.6 and 45.2, respectively. "The breadth of the deterioration in order inflows is striking, with declines in new business seen not only in the periphery but also in the now rapidly-cooling core nations of France and Germany," said Rob Dobson, senior economist at Markit.
