Euro manufacturing recovery hits 6-month low

(BRUSSELS) - The recovery in private sector manufacturing across the eurozone hit a six-month low in August with a deepened downturn in Greece, according to final data from research group Markit on Wednesday.

The manufacturing purchasing managers' index (PMI) for the 16 countries that share the single currency slowed to 55.1, with "moderated" growth both in output and new orders.

Germany and France again posted "strong growth," but while job creation also kept pace, the improvements were "still centred on Germany, the Netherlands and Austria," survey results showed.

The index was down from 56.7 in July, although above an earlier estimate of 55.0. The report added, however, that the "rate of expansion remained robust and faster than the survey average."

Recovery was "comparatively modest" in Italy, Spain and the Netherlands, and "Greece remained firmly in the grips of a deep downturn," said Rob Dobson, senior Markit economist.

All told, the data "suggests that the expected cooling of the sector from the buoyant growth rates seen earlier in the year is underway."

Additionally, he said the detail revealed an "uneven" pattern of recovery, with weaker global trade flows leading to "the smallest increase in new export orders since January."