Brussels, June 23 (QNA) – Activity in the manufacturing sector of the Eurozone increased below the expected forecast, in the first economic indicator reading released after the European Central Bank decided to combat the threat of deflation a month ago.
The Eurozone’s manufacturing PMI hit a seven-month low at 51.9 in June. Manufacturing purchasing managers’ also declined to 51.9 in June, from 52.2 in May. The forecast was that purchases would hold at the same level for June.
Services purchasing managers’ also declined, to 52.8 in June. The reading recorded in May was 53.2 and the market was expected to increase slightly to 53.3 in June.
Although a reading about 50 still means that the sector is expanding, the new figures indicate that they are expanding below the desired rate. (QNA)
slumped 0.45%, while Germany’s DAX fell 0.85%.