Euro zone manufacturing activity remained mired in a deep and broad-based downturn last month, according to a survey which showed on Monday that demand kept shrinking at a pace rarely surpassed since the data was first collected in 1997.
HCOB's final euro zone manufacturing Purchasing Managers' Index , compiled by S&P Global, dipped to 43.4 in September from August's 43.5, matching a preliminary estimate. A reading below 50 marks a contraction in activity.
"The output PMI was well under 50 for the entire third quarter, so we are feeling pretty certain that the recession in manufacturing continued during this period," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. The new orders index did rise last month, to 39.2 from August's 39.0, but it remained firmly below the breakeven mark.
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