Eurozone manufacturing output at 28-month low, PMI falls

By Gokhan Ergocun

ISTANBUL (AA) - The eurozone Manufacturing Output Index fell in September to a 28-month low, according to a flash reading from US-based financial services company S&P Global on Friday.

The manufacturing Purchasing Managers Index (PMI) was at 27-month-low, dropping to 48.5 in September from 49.6% in August.

S&P Global said the negative economic trend deepened in September in the euro area amid ongoing contracting business activity for the third consecutive month.

It added that increasing energy prices caused additional pressure on companies' cost burdens and limited manufacturing in some cases.

"Worsening performances were seen in both manufacturing and services, with demand falling at steepening rates in each sector as a result of the rising cost of living and growing gloom about future prospects," S&P Global said.

In September, the services PMI was also at a 19-month-low level of 48.2, down from 48.9 in August.