European PMI Near Stagnant in December

Euro zone manufacturing remained subdued in December, according to data out on Friday, marking an end to a year of widespread concerns about the health of the currency union’s economy.

The widely-followed Markit Manufacturing Purchasing Managers’ Index (PMI) came in at 50.6 this month, slightly below a flash estimate of 50.8, but above November’s 16-month low of 50.1. A figure over 50 marks expansion in the sector.

In a release accompanying the data, Markit said industry remained “near-stagnant”.

“Euro zone factory activity more or less stagnated again in December, rounding off a year which saw an initial, promising-looking upturn fade away and stall in the second half of the year,” Chris Williamson, chief economist at Markit, said in a note.
“The weakness of factory output, combined with the subdued service sector growth signalled by the flash PMI, suggests the eurozone economy grew by just 0.1 percent in the fourth quarter.”

via CNBC

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