Manufacturing continues to slide in the euro zone, but there is a silver lining

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The PMI (Purchasing Managers’ Index) reported that euro zone manufacturing production declined for the seventh month in a row. The PMI, an indicator of economic health in the manufacturing sector that takes into account things like new orders and inventory levels, reported stronger growth for Ireland in September and a glimmer of hope for the Netherlands, which returned to expansion territory. Manufacturing in Germany, Italy and Spain continued to slide, though figures were a six-month highs. The biggest cause for alarm came from France and Greece with manufacturing rates contracting sharply.