Eurozone Manufacturing Activity Picks Up

Sept. 2, 2008
Economist says eurozone is still heading for recession

Manufacturing activity in the 15 countries sharing the euro picked up slightly in August, snapping a recent steady decline in the figures, according to a survey published Sept. 1.

The eurozone's purchasing managers' index (PMI) for the manufacturing sector, compiled by data and research group Markit, edged up to 47.6 points in August from 47.4 points in July.

Despite the slight improvement, activity overall remained negative for a third month running, coming in below the boom or bust line of 50 points.

In July, the survey found that manufacturing activity had slumped to the lowest level in five years as the sector struggles with weak demand, a strong euro and record oil and other raw material prices.

Economist Howard Archer at consultants Global Insight said that although the survey "shows that activity improved modestly compared to July, it nevertheless is still a very weak report that does little to alleviate the serious concerns that the eurozone is heading for recession."

The eurozone economy contracted in the second quarter for the first time since the bloc was formed in 1999 and a steady stream of negative indicators in recent months have fuelled recession fears.

Copyright Agence France-Presse, 2008

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

How Manufacturers Can Optimize Operations with Weather Intelligence

Nov. 2, 2023
The bad news? Severe weather has emerged as one of the biggest threats to continuity and safety in manufacturing. The good news? The intelligence solutions that build weather ...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!