Eurozone manufacturing sector remains mired in ‘deep’ downturn

By Gokhan Ergocun

ISTANBUL (AA) - The Eurozone manufacturing sector remained mired in a “deep” downturn as factory orders plummeted and job losses accelerated, data provider S&P Global said on Monday.

The euro area's Purchasing Managers Index for the manufacturing sector was at a two-month low of 43.4 in September, down from 43.5 in August.

"Factory job losses intensify amid sinking new orders and deteriorating business confidence," the data provider said.

Although input costs fell sharply in September, businesses’ efforts to retrench further were evidenced by sustained reductions in employment, purchasing activity and inventories, it added.

Meanwhile, there was a considerable softening of business sentiment, with growth expectations decreasing to a 10-month low, S&P Global said.

"In a bid to boost competitiveness and stimulate demand, eurozone manufacturers decreased their prices charged for a fifth successive month and to one of the greatest extents seen in 14 years," it added.