The manufacturing sector of the Eurozone in August recorded the first contraction since September 2009. The PMI index fell from 50,4 points in July up to 49,7. But the predictions were even worse. Analysts were expecting a drop to 49,5.
As for the composite index, it remained stable at 51,1 points, but estimates spoke of a fall to 50,3. The manufacturing sub-index instead decreased, again on a monthly basis, from 50,2 to 50,0. This is the lowest since July 2009. Export orders decreased from 49,2 to 47,4. This is also a negative record for two years now, since June 2009 to be precise.
Services are also slowing down, although they remain above the growth threshold. In this case the PMI index fell to 51,5, against 51,6 points in July. Thus we remain beyond the limit of 50 points, which marks the border between growth and contraction. In any case, analysts' estimates have been exceeded on this front as well, who had predicted a drop to 50,9 points.
