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Gloomy Outlook for Global Industrial Activity Worsens, PMI Figures Show
ISTANBUL--August 3, 2012--Researched by Industrial Info Resources (Sugar Land, Texas)--The Eurozone continues to struggle with the debt crisis, while the world economy is slowing down. Following the deepening crisis in Eurozone countries, the sentiment in the global economic environment worsened with the Purchasing Managers' Index (PMI) readings. The Eurozone manufacturing sector's PMI came out at 44.0 in July, after 45.1 in June. The drop in oil prices, the weaker euro and the initial positive market reaction after June's European Summit didn't prevent the further deterioration in the business sentiment. July's PMI level remained firmly below the neutral level of 50, indicating a further contraction in manufacturing output. On top of that, total new orders fell for the 14th month in a row in July, offering little hope for a fast reversal of the downward trend in production.
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Industry Segment: Industrial Manufacturing
Word Count: 567 Words
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