Euro area factory activity extended its downward trend midway through the third quarter as production came under pressure due to rapidly weakening demand and an accelerated depletion of backlogs, results of the purchasing managers' survey compiled by S&P Global showed on Friday.
The HCOB manufacturing Purchasing Managers' Index, or PMI, posted 43.5 in August, up from July's 38-month low 42.7. The flash score was 43.7.
The latest score signals another sharp deterioration in the manufacturing economy. A reading below 50 suggests decline in activity.
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by Renju Jaya
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