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Eurozone Manufacturing Nears Stagnation In January

Eurozone manufacturing sector moved closer to stagnation in January amid a modest gain in output and a sharp fall in new orders, survey data from IHS Markit showed on Friday.

The final Eurozone manufacturing Purchasing Managers' Index dropped to 50.5, in line with the flash estimate, from 51.4 in December. A PMI reading above 50 suggests growth in the factory sector.

The manufacturing PMI has now fallen for six consecutive months to reach its lowest level since November 2014, IHS Markit said.

"The January PMI adds to the likelihood that the manufacturing sector is in recession and will act as a drag on the economy in the first quarter," IHS Markit Chief Business Economist Chris Williamson said.

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