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EMU: Flash PMI Manufacturing contraction continues in February

Preliminary Eurozone PMI Manufacturing slid to 47.8 points in February, from 47.9 points in January, according to data released today by Markit. Market consensus pointed to a rise to 48.5 points.

PMI Services fell to 47.3 points in February, following a 48.6 point reading the previous month and against forecasts of rising to 49 points.

Composite PMI posted 47.3 in February, down from 48.6 in January and against projections of an increase to 49 points.

Chris Williamson, Chief Economist at Markit comments: “A steepening rate of decline in February is a disappointment, and suggests that the eurozone is on course to contract for a fourth consecutive quarter in the first three months of the year.

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