Eurozone manufacturing PMI a touch ahead of estimate

Markit’s final Eurozone manufacturing PMI came in at 51.2 in February, up a touch from the flash estimate of 51, but weaker than January’s reading of 52.3.

This marked a 12-month low, although the index has remained above the neutral 50 mark for 32 successive months.

Markit said rates of expansion in new business and new export orders eased to the weakest since April 2015 and January 2015 respectively.

Markit’s chief economist Chris Williamson said: “With factory output in the Eurozone showing the smallest rise for a year in February, concerns are growing that the region is facing yet another year of sluggish growth in 2016, or even another downturn.

“Lacklustre domestic demand is being compounded by a worsening global picture. Exports either fell or rose more slowly in all countries surveyed with the sole exception of Austria.”