21 June 2012 14:30 [Source: ICIS news]
Research firm Markit said its monthly purchasing managers index (PMI) for
Manufacturers were especially hard hit, with many indicating a steep and accelerated downturn in new export business during June, the group said. The pace of June’s reduction in manufacturing was the fastest since April 2009, it added.
“German manufacturers were at the forefront of the downturn, as a worsening global economic backdrop and the ongoing euro crisis weighed heavily on export demand,” said Markit’s senior economist Tim Moore.
“Anxiety created by the run-up to the Greek election appears to have severely dented business sentiment,”
“While an impending ‘Drachmageddon’ scenario has been avoided, there nonetheless seems a deepening consensus among German businesses that the euro area turbulence has already damaged their growth prospects for the latter half of 2012,” he added.
Markit’s PMI is based on a survey of about 1,000 German manufacturing and services firms.
Paul Hodges studies key influences shaping the chemical industry in his Chemicals and the Economy Blog
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections