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Eurozone PMI growth rate hits 22 months, low-cost economy faces growth challenges
Manufacturing activity in the Eurozone fell for the third consecutive month, and growth was close to stagnation, indicating that the economy plagued by the debt crisis is facing a difficult expansion. In the UK outside the Eurozone, the manufacturing sector contracted for the first time in two years in July, which further complicates Europe's efforts to get out of debt. According to data released by professional market research firm Markit Economics on the 1st, the manufacturing purchasing managers' index (PMI) of the 17 countries in the euro zone fell further to 50.4 from 52 in the previous month, only one step away from the 50-point boundary. remote. This also set the lowest level since October 2009. In terms of countries, the weakening of manufacturing activities in major economies such as Germany and France is a major factor dragging down manufacturing in the euro zone. Statistics show that the German PMI index fell to 52 in July, the 21-month low since October 2009. The previous month was 54.6. At the same time, German manufacturing orders have also seen their first decline in more than two years, indicating that the strong recovery of the German economy is weakening. In France, the final value of manufacturing PMI fell to a two-year low of 50.5 in July, and manufacturing activity was almost stagnant. In Spain, the fourth-largest economy in the Eurozone, the manufacturing PMI fell sharply in May after a sharp decline in May and June. Manufacturing activity has shrunk for three consecutive months. Outside the Eurozone, the UK's manufacturing situation is also not optimistic. Data released on Monday showed that UK manufacturing activity contracted for the first time in two years in July, and manufacturing PMI fell to 49.1, the lowest level since June 2009. In June, the UK's PMI was still at the level of 51.4. As European countries are working to curb the spread of the Greek debt crisis by tightening fiscal and tax increases, and the global economic ups and downs, the euro zone's economic recovery is also difficult. The European Commission announced last week that Europe's economic downturn in July exceeded market expectations. An index measuring manufacturers' confidence fell to a low since October 2010. At the same time, the profitability of European companies failed to meet analysts' expectations, dragged down by manufacturing companies. According to Bloomberg statistics, since July 11, among the constituents of the Stoxx 600 Index in Europe, about 53% of the companies that have announced their quarterly results are below market expectations, the highest level since 2006. . Since then, the index has fallen by 3.1%. Also on the 1st, data released by Eurostat showed that the unemployment rate in the euro zone in June was still as high as 9.9%, which was the same as in May. In June, the number of unemployed people in 17 countries in the euro zone was 15.64 million, an increase of 18,000 from May, but a decrease of 346,000 from the same period of the previous year.