Wages up across Europe despite gloomy economic climate<\/a><\/p>\nManufacturers across the economic area suffered their steepest downturn in seven years this month, the IHS Markit Eurozone composite purchasing managers index (PMI) found today.<\/p>\n
That meant the Eurozones PMI expanded only \u201cmodestly\u201d to 51.3, the index warned, down from Februarys 51.9, and the third lowest reading since November 2014.<\/p>\n
Anything above a measure of 50 indicates growth.<\/p>\n
Manufacturing fell to 47.7 from 49.4 in February, its worst drop since April 2013, as the data revealed that output is now shrinking.<\/p>\n
Both Germany and Frances manufacturing sectors entered decline, sending the euro 0.5 per cent down to $1.132.<\/p>\n
Phil Smith, principal economist at IHS Markit, warned Germanys manufacturing downturn \u201chas become more entrenched\u201d, blaming Brexit uncertainty, the US-China trade war and a slowdown in car sales.<\/p>\n
Overall, Germany skated close to hitting recession with a composite output reading of 51.5, while France began to contract, with a reading of 48.7.<\/p>\n
IHS Markit economist Eliot Kerr added: \u201cAt the end of the first quarter, the French private sector was unable to continue the recovery seen in February, as both the manufacturing and service sectors registered contractions in business activity.\u201d<\/p>\n
The economic research firm warned that of all indicators, the biggest concern was the state of the Eurozone's manufacturing industry.<\/p>\n
\u201cMost worrying is the plight of the manufacturing sector, which is now in its deepest downturn since 2013 as trade flows contracted at the sharpest rate since the debt crisis-ridden days of 2012,\u201d Chris Williamson, chief business economist at IHS Markit, said.<\/p>\n
\u201cThe service sector is showing more resilienceRead More<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"The Eurozones economy lost momentum again in March as German..<\/p>\n","protected":false},"author":1,"featured_media":115930,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-115929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\n
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