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EU slow growth may delay UK rate rise

02 Sep 2014

Data released yesterday by Markit Economics indicates that the growth rate of Eurozone manufacturing slowed to its lowest since July 2013

The Markit Eurozone Manufacturing PMI (Purchasing Managers' Index) was 50.7 in August, down from 51.8 in July. Although a reading above 50 indicates expansion, the index shows the fourth straight reduction in the rate of growth, to the weakest reading for 14 months

Whilst there were encouraging growths sign in Ireland, Austria, Netherlands and Spain, the three largest Eurozone economies of Germany, France and Italy all show decreasing growth momentum, as well as all suffering job losses in the month

The data will add ammunition to those who feel the European Central Bank should do more to help growth, whilst simultaneously putting pressure on the UK's Monetary Policy Committee to delay any interest rate rises until 2015, due to the likely slowing effect of Europe on the UK economy

For the full release see here

 

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