Eurozone Manufacturing Activity ‘Hits Three-Year Low’

A closely watched survey is saying that the Eurozone manufacturing sector contracted at its fastest pace in three years in July.

The manufacturing Purchasing Managers’ Index (PMI), compiled by Markit, fell to 44 from 45.1 in June. Any reading below 50 indicates contraction.

Markit claimed that companies were focusing on cost cutting as falling orders led to more job losses.

Growth in the Eurozone economy was flat in the first three months of this year, after contracting by 0.3% in the previous quarter. An initial estimate for the April-to-June period will be released

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