by Mish Shedlock, The Maven:
- The downturn in the global manufacturing sector extended into its third consecutive month in July. Production and new order intakes declined further, as conditions in many domestic markets remained soft and international trade volumes continued to contract. These negative trends filtered through to the labour market, resulting in another round of job losses.
- At 49.3 in July, a tick below June’s reading of 49.4, the J.P.Morgan Global Manufacturing PMI™ signaled contraction for the third straight month and fell to its lowest level since October 2012.
- Of the 30 nations for which July data were available, 19 had Manufacturing PMIs signalling downturns. China, Japan, Germany, South Korea, Taiwan, France, the UK, Italy and Brazil were among the countries seeing contractions.
- Although the US and Canada saw expansions, their respective PMI levels (50.4 and 50.2) were only marginally above the neutral 50.0 mark.
Germany PMI Worst in 7 Years
Markit reports Germany Manufacturing PMI at seven-year low as downturn gathers pace.
Conditions in Germany’s manufacturing sector showed the greatest deterioration for seven years in July, according to the latest PMI® data from IHS Markit and BME, led by the steepest drop in new export orders since 2009. Output also fell at a faster pace, with manufacturers making more aggressive cuts to employment and purchasing activity.
Eurozone Manufacturing Worst Since 2012
Markit reports Eurozone Manufacturing Sector Contracts at Fastest Rate Since End of 2012
Key Findings
▪ Final Eurozone Manufacturing PMI at 46.5 in July (Flash: 46.4, June Final: 47.6)
▪ Output and orders both down markedly as confidence hits lowest since December 2012
▪ Sharpest recorded reduction in employment for over six years
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