Sharpest drop in European autos and parts output for over six yearsStaff Writer | February 8, 2019
European Sector PMI indices are compiled from responses to questionnaires sent to purchasing managers in IHS Markit's European PMI survey panels, covering over 8,000 private sector companies in 11 countries.
Europe The downturn in the European autos and parts sector worsened in January
Output fell for the fourth month running, and at the strongest pace since December 2012.
New orders dropped at the sharpest rate in six years and firms cut jobs for the fourth time in five months.
Nine other sectors registered falling business activity at the start of 2019.
Of these, banks posted the first contraction since November 2012.
With activity also falling in real estate and other financials – overall financials activity fell for the first time in nearly six years, and at the strongest rate since April 2012.
Meanwhile, basic materials output declined at the fastest rate in just over four years, reflecting a broad-based contraction across its three constituent sectors – chemicals, metals and mining and forestry and paper products.
Software and services recorded the strongest growth in January, albeit at a rate that was below the trends shown for both 2017 and 2018.
The non-cyclical beverages and food sector posted the second-fastest increase in output. ■