Global manufacturing slows as euro crisis dents demand
Manufacturing contracted in China and Europe and slowed in the United States and Canada in July as the eurozone debt crisis dented global and domestic demand.
01 Aug 2012
Manufacturing in the world’s biggest economy grew at its slowest pace in nearly three years last month, while Chinese factory output grew at its slowest rate in eight months.
Eurozone manufacturing activity contracted for the 11th month in a row as star performer Germany was began to feel the affects.of a two-and-a-half-year debt crisis which has sapped growth and market confidence.
Whle in Britain the sector shrank at its fastest rate in more than three years in July, as wet weather and the euro crisis hit output, new orders and exports.
US growth at risk
The final Markit US Manufacturing Purchasing Managers Index stood at 51.4 in July, below both a preliminary estimate of 51.8 and June’s reading of 52.5. It was the lowest reading since September of 2009. A reading above 50 indicates growth.