Euro Area Manufacturing Contracts; Swiss Retail Sales Drop 3.4%

Arthi Gupta
01 Sep, 2011
New York City

Manufacturing growth slumped in the euro area in August. Norway money supply growth improved but Danish jobless rate remained flat in July. Denmark industrial turnover rose and Swiss gross domestic product

[R]2:30 PM Frankfurt – Manufacturing growth slumped in the euro area in August. Norway money supply growth improved but Danish jobless rate remained flat in July. Denmark industrial turnover rose and Swiss gross domestic product’s sequential growth eased to 0.4% and to 2.3% from in the second quarter.[/R]

Euro-zone Manufacturing Falls

The euro area manufacturing sector contracted in August on weak demand, according to data published by Markit Economics today.

The final Markit Purchasing Managers'' Index fell to 49 in August from 50.4 in July and the flash estimate of 49.7.

German Factory PMI Drops

Germany''s manufacturing sector expanded in August at the weakest pace since September 2009, Markit Economics said on Thursday.

The final Markit/BME purchasing managers'' index for the manufacturing sector fell to 50.9 in August from 52 in July. The flash estimate showed a reading of 52.

French Manufacturing Activity Declines

The French manufacturing activity contracted more than the initial estimate, according to final data from Markit Economics published today.

The headline Purchasing Managers'' Index for manufacturing fell to 49.1 in August from 50.5 in July. The reading was below the earlier flash estimate of 49.3.

Italy Manufacturing Shrinks

Italy''s seasonally adjusted Markit/ADACI Purchasing Managers'' Index fell to 47 in August from 50.1 in July, data released by Markit Economics showed on Thursday.

Spanish Manufacturing Slides

The seasonally adjusted Markit Purchasing Managers'' Index for Spain fell to 45.3 in August from 45.6 in July, survey data from Markit Economics showed today.

Norway Money Supply Growth Improves

Norway''s money supply growth increased in July, after easing in June, Statistics Norway said on Thursday.

The twelve-month growth in the broad money measure M2 rose to 8% from 7.9% in June. All the underlying sectors apart from non-financial enterprises contributed to the increase, the agency said.

Denmark Industrial Turnover Up

Danish industrial turnover rose 2.8% in the second quarter from the previous three months. Excluding mining and quarrying, the increase in industrial turnover was 2.4%.

From a year ago, total industrial turnover rose 8.8% in the second quarter. Excluding mining and quarrying, industrial turnover rose 7.8%.

Germany Economy Expands 0.1%

The GDP was unrevised for a sequential increase of 0.1% after increasing at 1.3% in the first quarter. The GDP expansion slowed considerably in the second quarter.

The inflation adjusted economic growth increased at 2.8% annual rate after expanding at 5% in the first quarter and the data were unrevised from the previous estimate.

Swiss GDP Growth Eases, Retail Sales Fall

The Swiss gross domestic product grew 0.4% in the second quarter following a revised 0.6% rise in the first quarter, data from the State Secretariat for Economic Affairs showed on Thursday.

Annually, the gross domestic product rose 2.3% in the second quarter after a revised 2.5% expansion in the first quarter.

Separately, Switzerland''s retail sales dropped 3.4% in real terms in July from the 7.6% rise in June. Excluding fuel, retail sales fell 3.3% in July, following the 7.2% growth in June.

Danish Jobless Rate Stable

Denmark''s seasonally adjusted unemployment rate stabilized at 6.1% in July. In July 2010, the rate was 6.4%. The jobless rate among youth, aged between 16 and 24, edged up to 5.5% in July from 5.4% in June.

The number of jobless persons in the country increased by to about 163,000 in July from around 162,000 in June.