Manufacturing sector activity in the Euro Zone also fell in June, falling to 43.4.
S&P Global announced the final data of the Euro Area’s Manufacturing Industry Purchasing Managers Index (PMI) for June.
Manufacturing sector activity in the Euro Zone contracted more than expected due to the successive tightening moves of the European Central Bank (ECB) and the decline in the optimism expectations in the economic outlook in the UK.
According to the announced data, the manufacturing sector activity in the Euro Zone fell to 43.4 in June as well. The expectation was that the manufacturing sector activity would be announced as 43.6. Manufacturing PMI in the euro area fell to 44.8 in May.
In PMI data, above 50 points indicates growth, below 50 points contraction.
On the other hand, factory activities in Asia increased marginally in China, while contracted in Japan and South Korea.
Rory Fennessy, European Economist at Oxford Economics, said in a statement about the manufacturing sector data, “There are no real signs of any recovery in the manufacturing sector this year. Overall, we are still talking about a negative assessment.” used the phrases.