24 July 2012 17:04 [Source: ICIS news]
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Markit, which cited preliminary findings for its monthly purchasing managers' index (PMI) for Europe’s largest economy, said that July’s reduction in manufacturing production was the steepest for just over three years, with new orders received in the sector falling at the fastest pace since April 2009.
Markit’s PMI for
Markit’s manufacturing output index for
“July’s survey highlights that German business conditions are far less healthy than those seen during the first half of 2012, especially across the manufacturing sector where new export orders fell at the fastest pace for over three years,” said Markit senior economist Tim Moore.
“Moreover, an accelerated decline in new work means that the stage could well be set for a steeper drop in GDP than the 0.2% fall recorded at the end of 2011,” Moore said.
Markit’s PMI is based on survey responses from about 1,000 firms in
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