Activity in the euro-zone manufacturing sector shrank more than initially estimated in August, the Markit purchasing managers' index, or PMI, for the sector showed Monday
The final PMI came in at 45.1, up from July's 37-month low of 44.0 but below an earlier "flash" estimate of 45.3
A reading of less than 50 signals a contraction in activity
Manufacturing shrunk across most national sectors, with the exception of Ireland, which saw the pace of expansion slow from July, Markit said
"The rate of decline was a little slower than in July, providing some heart that the manufacturing downturn may be easing, but the sector is on course to act as a drag on gross domestic product in the third quarter," said Rob Dobson, senior economist at Markit
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FRANKFURT (MarketWatch) -- The Markit/CIPS purchasing managers' index, or PMI, for the U.K. manufacturing sector rose to 49.5 in August from 45.2 the previous month, data showed Monday, signaling a substantial easing in the downturn for the sector. A reading of less than 50 indicates a contraction in activity. Economists had forecast an August reading of 45.9. "We can take consolation from August's figures in that they were 'less bad' than the disastrous month before. We have witnessed a return to the status quo of flat growth in a fragile economy," said David Noble, chief executive at the Chartered Institute of Purchasing and Supply.
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