The Eurozone Manufacturing Purchasing Managers Index (PMI) stood at 45 in September, falling from 45.8 in August to hit a nine-month low after three consecutive months without change, S&P Global and Hamburg Commercial Bank (HCOB) revealed in a report on Tuesday.
The Manufacturing PMI Output Index also hit a nine-month low, dropping from 45.8 in August to 44.9 in September. According to the national PMI survey data, Spain's manufacturing economy performed the best in September, hitting a four-month high.
"While handling the global manufacturing downturn surprisingly well, Spain just does not have enough weight to lift the rest of the eurozone with it. The worsening industrial slump in Germany, for example, is too big for Spain's momentum in September to make much of a difference," HCOB Chief Economist Dr. Cyrus de la Rubia said. "With incoming orders plummeting fast, we can expect another dip in production by year-end."
