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| Eurozone manufacturing PMI falls again in August | Eurozone manufacturing PMI falls again in August |
| (35 minutes later) | |
| Manufacturing output across the 17-country eurozone shrank again in August, according to a widely-watched survey. | |
| The Purchasing Managers Index (PMI) showed the region's manufacturing sector contracted despite factories cutting prices. | The Purchasing Managers Index (PMI) showed the region's manufacturing sector contracted despite factories cutting prices. |
| Markit's final PMI was 45.1, above July's three-year low of 44.0. | Markit's final PMI was 45.1, above July's three-year low of 44.0. |
| However, the figure was the 13th month in a row that it was below the 50 mark that indicates growth. | However, the figure was the 13th month in a row that it was below the 50 mark that indicates growth. |
| The latest figures from China showed its manufacturing activity fell, too, to a nine-month low in August, adding to fears that its economy is slowing faster than estimated. | The latest figures from China showed its manufacturing activity fell, too, to a nine-month low in August, adding to fears that its economy is slowing faster than estimated. |
| China's PMI fell to 49.2, the lowest reading since November 2011. | China's PMI fell to 49.2, the lowest reading since November 2011. |
| Meanwhile, in the UK, the downturn in manufacturing unexpectedly eased last month as domestic orders boosted output, with its PMI rising to a four-month high of 49.5 in August from a downwardly revised 45.2 in July. | Meanwhile, in the UK, the downturn in manufacturing unexpectedly eased last month as domestic orders boosted output, with its PMI rising to a four-month high of 49.5 in August from a downwardly revised 45.2 in July. |
| Bleak | Bleak |
| Within the eurozone, the traditionally stronger countries of Germany and France failed to provide support to the weak ones. | Within the eurozone, the traditionally stronger countries of Germany and France failed to provide support to the weak ones. |
| Germany's PMI read 44.7 in August, its sixth monthly fall in a row. | Germany's PMI read 44.7 in August, its sixth monthly fall in a row. |
| Italy and Spain's readings have been below 50 for more than a year. | Italy and Spain's readings have been below 50 for more than a year. |
| Only Ireland saw manufacturing output rise. | Only Ireland saw manufacturing output rise. |
| Irish manufacturing growth slowed in August to 50.9 in August from a 15-month high of 53.9 in July, a figure that still indicates growth, however. | Irish manufacturing growth slowed in August to 50.9 in August from a 15-month high of 53.9 in July, a figure that still indicates growth, however. |
| Senior economist Rob Dobson at Markit, which collects the data, said the figures were bleak: "Larger nations like France and Germany remain in reverse gear... the [manufacturing] sector is on course to act as a drag on gross domestic product in the third quarter." | Senior economist Rob Dobson at Markit, which collects the data, said the figures were bleak: "Larger nations like France and Germany remain in reverse gear... the [manufacturing] sector is on course to act as a drag on gross domestic product in the third quarter." |
| The gross domestic product (GDP) latest figures for the three months to the end of June showed the eurozone as a whole contracted by 0.2% and no growth is expected until next year. | The gross domestic product (GDP) latest figures for the three months to the end of June showed the eurozone as a whole contracted by 0.2% and no growth is expected until next year. |
| The European Central Bank (ECB) is meeting on Thursday to discuss monetary policy. | The European Central Bank (ECB) is meeting on Thursday to discuss monetary policy. |
| Economists are expecting the bank to cut interest rates at some point to a new record low of 0.5%. | Economists are expecting the bank to cut interest rates at some point to a new record low of 0.5%. |