Downturn in euro area manufacturing sector deepens in June

By Tuba Ongun

ANKARA (AA) – The downturn in eurozone manufacturing activity deepened in June, with the purchasing managers index (PMI) falling to a more than 3-year low, according to a survey released on Monday.

The HCOB Eurozone Manufacturing PMI fell from 44.8 in May to 43.4 in June, marking the 12th successive month of contraction as falling below the sub-50 threshold mark, the survey by US-based financial services firm S&P Global revealed.

The figure was revised downwards from the initial estimate of 43.6.

Factory production dropped at the sharpest rate since last October, when concerns regarding the price and supply of energy soared.

Customer demand plunged at the end of the second quarter, with weak sales performances in Austria, Germany, and Italy.

Manufacturing employment fell for the first time since January 2021 and business confidence dipped to a seven-month low in June.

Among member states, Austria, Germany, Italy, Ireland, and the Netherlands posted their sharpest declines in business conditions for over three years.​​​​​​​