Latest data released by Markit - 1 August 2019
- Prior 47.6
The preliminary reading can be found here. Similar to the German reading, it is more or less within initial estimates but it just reaffirms that we're seeing euro area manufacturing activity contract at its quickest pace in 6 years.
The headline reading is the lowest since December 2012 while manufacturing output falls to 46.9 from 48.5 in June, marking the lowest level since April 2013.
In short, Europe's manufacturing sector is essentially in a recession now if you look at readings all over from Spain, Italy, France and Germany today. That certainly isn't a great start to Q3 and the outlook isn't seen to be improving as well.
