Euro zone manufacturing slows further; downturn getting worse
Published on Nov 2, 2012 6:09 PM
BRUSSELS (AFP) - The euro zone's manufacturing sector was stuck in the doldrums for a fifteenth consecutive month in October, getting the fourth quarter off to a weak start and offering no hope for change in the near future.
The purchasing managers' index (PMI), compiled by the Markit research firm, put the manufacturing sector on 45.4 points, better than the initial figure of 45.3 given last week but still down sharply from 46.1 in September.
Markit said the downturn "not only deepened but also widened" in the latest survey, noting a further deterioration in new orders while new export orders fell for the 16th month in a row in October.
Job losses mounted for a ninth successive month and at the fastest rate since July, it added.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!