Senin, 02 Juli 2012

Factory output around the world hit by eurozone fears

Factory output around the world hit by eurozone fears

By Hugo Duncan

PUBLISHED: 16:34 EST, 2 July 2012 | UPDATED: 16:34 EST, 2 July 2012

Factory output around the world slammed into reverse last month as manufacturers in Britain, America and Europe were hammered by the crisis in the eurozone.

Markit said its purchasing managers’ index for manufacturing in the UK hit 48.6 in June â€" better than the three-year low of 45.9 in May but below the 50 mark that divides growth from decline for a second month.

It fuelled fears that the double-dip recession extended into the second quarter of the year.

Summertime blues: Eurozone manufacturers have suffered another month of misery

Summertime blues: Eurozone manufacturers have suffered another month of misery

The British Chambers of Commerce demanded urgent action from the Government to kick-start the economy, including the creation of a state-backed business bank to boost lending to small firms.

‘Growth cannot wait,’ said BCC director general John Longworth. ‘The Government must take an imaginative and brave approach to stimulating the economy and helping businesses thrive. Headline grabbing U-turns on fuel duty are not enough.’

The US manufacturing sector shrank unexpectedly in June â€" the first decline in nearly three years â€" as the world’s biggest economy felt the chill from the eurozone.

Other surveys â€" from China to Brazil â€" suggested the crisis in the single currency bloc was reverberating through the world.

Manufacturers in the eurozone suffered another month of misery. The PMI remained stuck at a three-year low of 45.1 in June with output sharply down in the big four economies of Germany, France, Italy and Spain.

‘Companies are clearly preparing for worse to come, cutting back on both staff numbers and stocks of raw materials at the fastest rates for two-and-a-half years,’ said Markit’s chief economist Chris Williamson.

Official figures showed that unemployment in the single currency bloc hit a record high of 11.1 per cent in May, leaving 17.56million people out of work.

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