RTTN:Eurozone Factory Sector Contracts Slightly Less Than Expected In September
(RTTNews) - Activity in the Eurozone manufacturing sector in September decreased at a slightly slower pace than estimated earlier, final data from a survey by Markit Economics showed Monday.
The seasonally adjusted purchasing managers' index (PMI) for the manufacturing sector came in at a six-month high of 46.1 in September, slightly higher than 46 recorded in the preliminary estimates. In August the reading was 45.1. PMI reading below 50 indicates contraction in the sector, while one above suggests growth.
Production in Eurozone's manufacturing sector declined for the seventh month running in September, though the rate of contraction eased to a five-month low.
In contrast, new orders received by manufacturing firms remained lackluster, with inflows declining for the sixteenth straight month.
Manufacturers reduced their workforces, reflecting the presence of spare capacity, which was further highlighted by a sharp decrease in levels of work-in-hand during the month.
Input prices rose for the first time in four months in September, mainly reflecting the recent strengthening of global oil prices. Meanwhile, output prices fell for the fourth month running, contrasting with the modest increase signaled by the flash estimate.
