Manufacturing activity in the 17-nation euro zone contracted at its fastest pace in more than three years in July, according to a survey of purchasing managers released Wednesday
The Markit euro-zone purchasing managers' index fell to a 37-month low of 44.0, down from 45.1 in June and slightly below a preliminary estimate of 44.1
A reading of less than 50 signals a contraction in activity
Markit noted widespread weakness, with almost all national PMIs below the 50 level
Ireland bucked the trend, rising to a 15-month high at 53.9
"Output fell at the fastest rate since mid-2009, consistent with the official measure of production falling at a quarterly rate in excess of 1%
Manufacturing therefore looks to be on course to act as a major drag on economic growth in the third quarter," said Chris Williamson, chief economist at Markit
