Vladimír Urbánek (Kurzy.cz)
Macroeconomics  |  October 24, 2012 12:02:09

Eurozone - activity of manufacturing and services PMI fell by more than expected, the decline in Germany


Joint activity index in the manufacturing sector and the service sector in the euro zone PMI figures from Markit Economics in October fell to 45.8 points compared to September's 46.1 points. The October figure is the lowest in the last three years and is significantly worse than market expectations, set to grow to 46.5 points.
Threshold of 50 points is traditionally divide between areas of expansion and recession.

Decrease in activity suggests that the eurozone will face great difficulties in their efforts to maintain economic growth at the current maximum efforts to cut budget deficits by reducing spending. Unexpected decline in the PMI indicates that the economic situation is not improving eurozone indeed quite the opposite and the slowdown deepens. European governments will be extremely difficult if not impossible to deal with the debt crisis and keep the economy in growth territory.

A separate index for the manufacturing sector for October fell to 45.3 points from 46.1 points in September.
The index for services has strengthened slightly in September from 46.1 to 46.2 points.

PMI for Germany's manufacturing sector fell to 45.7 points compared to September's 47.4 points. To the service sector index fell from 49.7 to 49.3 points. PMI also fell in France.

Euro in the last two months has strengthened against the dollar by 3.4%, which further hampers the competitiveness of European production.

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