Linda Young
Berlin, Germany
Manufacturing in the 17-nation eurozone slowed down in August, marking the first time since September 2009 that the manufacturing sector contracted, according to a survey by Markit.
The Markit Manufacturing PMI dropped to 49.7 from 50.4 in July. A reading below 50 indicates a contraction in the manufacturing sector.
In addition, Markit found that the eurozone service sector PMI also fell in August to 51.5 from 51.6 in July, which was a 23-month low.
The eurozone slowdown was attributed to a slowdown in the German economy, which has been the main engine of economic growth and recovery for the entire eurozone, along with shrinkage of manufacturing output in France.
Germany's economic slowdown marked the slowest pace of private sector economic growth in more than two years.
Factories in the United Kingdom saw a growth in orders in August that will result in higher manufacturing output there in future months.
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