Interestingly, the last Markit survey’s responses on Eurozone manufacturing activity were due on June 23, the day of the “Brexit” vote for the United Kingdom to exit the European Union. In that survey, the Markit Eurozone Manufacturing PMI rose to a six-month high, with stronger data in most European markets, including Germany and the U.K. Suffice it to say, the surprise – at least for financial markets – decision for Britain to leave the European Union has shifted sentiment since then. In the latest survey, the Markit Flash Eurozone Manufacturing PMI fell to a two-month low, down from 52.8 in June to 51.9 to July, mainly on slowing new orders (down from 53.4 to 52.0). The composite measure, which includes the service sector, edged down from 53.1 to 52.9, its lowest level since January 2015 and off from 54.3 six months ago.
ShopFloor is the blog of the National Association of Manufacturers (NAM).