Eurozone manufacturing growth hits 17-month low
Afp, Brussels
Manufacturing activity in the 13 nations that share the euro fell to a 17-month low in July, a survey released Wednesday found, a decline analysts attributed to a strong euro and high oil prices. The eurozone's seasonally adjusted purchasing managers' index (PMI), compiled by NTC Research, was revised up to 54.9 from a provisional estimate of 54.8 but still well down from 55.6 in June and the weakest reading since February 2006. The latest data are consistent with annual industrial production growth of three percent, almost half the pace seen a year ago. The July figures nonetheless showed that the eurozone manufacturing sector expanded for the twenty-fifth successive month, as a reading above 50 indicates growth.
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