Global manufacturing PMI fell to new low

The PMI for Eurozone manufacturing sector fell to 33.9 in December from 35.6 in November. The current reading was the lowest since 1998, when the survey started.

 The Purchasing Managers Index or PMI
for the Eurozone manufacturing sector dropped to a record low in
December as global financial market crisis took its toll on economic
activities. A PMI reading above 50 suggests expansion in the sector,
while below 50 indicates contraction.

Mirroring weak demand from across the
globe, the new orders index slumped to a new survey low of 26.4 from
28.8 in November and a flash reading of 27.4.
A fall in the
manufacturing activities was widespread in major Eurozone economies,
although the reading for Italy edged up. The PMI for Germany fell to
32.7 from an initial estimate of 33.5 and 35.7 recorded in November.
The reading was the weakest since records began in April 1996.
The
gauge for France dropped to a ten year low of 34.9 in December from
35.9 in the previous month. The index for Italy rose to 35.5 from a
record low of 34.9 in November.