The European Central Bank is facing renewed pressure to take radical steps to boost the eurozone economy after activity in the region’s manufacturing sector all but petered out, raising the threat of a prolonged period of stagnation.
Eurozone factories, which account for about a fifth of all output in the region, slowed to a virtual standstill in August in another sign that weak demand and geopolitical tensions are hurting the economy.
The purchasing managers’ index for manufacturing, released yesterday by data group Markit, dipped to a 13-month low of 50.7 in August. That was just above the 50 level that marks an expansion and well below the level needed to tackle stubbornly high unemployment.
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