Feb. overall PMI: SA 52.3
Jan. overall PMI: SA 52.9
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MNS Survey Median for Feb. PMI: SA 52.9
MNS Survey Range for Feb. PMI: SA 51.7 to 53.2
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Feb. price index: SA 55.8
Jan. price index: SA 59.0
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FRANKFURT (MktNews) - The purchasing managers' index for the eurozone fell in February for the 10th month in a row, hitting its lowest level since May 1999 and indicating that the pace of manufacturing sector growth continues to slow.
At the same time, the PMI input price index fell sharply in February, .
The seasonally adjusted PMI manufacturing activity index, based on data from seven EMU countries, fell to 52.3 in February from 52.9 in January. The reading was at the low end of forecasts in a Market News International survey of analysts (median: 52.9).
The activity index has declined every month since reaching a peak of 60.7 in April last year, although the February figure shows that the economy continued to grow, albeit at a slower pace.
An index level above 50 indicates the manufacturing sector is expanding, while a level below 50 indicates contraction. The higher the index above 50, the stronger sector growth.
The prices index, which is not part of the overall PMI, fell to 55.8 in February from 59.0 in January. The latest figure was the lowest reading since July 1999 and the fifth straight monthly decline following the latest peak of 75.9 in September last year.
Among components of the manufacturing activity PMI, the output subindex fell to 54.1 in February from 55.3 in January.
The new orders index also fell in February, declining to 52.9 from 53.5 in January.
Manufacturing employment continued to grow, but at a slower pace, with the index falling to 51.7 from 52.3 in January.
Delivery times increased further in February, with the index down to 48.7 from 49.2 in January.
Stocks of purchases continued to decline in February at the same pace as in January, with the index stable at 49.2. In January, the index fell below 50 for the first time since Jan. 2000.
The eurozone PMI is based on results from Germany, France, Italy, Spain, Ireland, Austria and Greece and is published by .