EU manufacturing stays slow
Market research group NTC has reported that the slowdown in manufacturing activity in the 12-nation euro zone continues despite a slight rise in a key index.
The purchasing managers’ index assessing manufacturing momentum edged up to 49.1 in October from 48.9 in the previous month, but failed to reach 50 – a level that would indicate a discernible increase in activity. Octobers increase came after three straight monthly falls.
Components measuring production and new orders rose in October, while those covering employment and inventory behaviour had a negative effect on the results.
The production component climbed to 51.6 last month from 49.1 previously. Led by Germany, Italy, Greece and Austria also reported production gains while France and the Netherlands showed slight declines.
