Economic Growth in Europe Hampered by Oil Prices, Report Says
(Akron/Tire Review – courtesy of China Daily) Manufacturing in the dozen countries sharing the euro declined for the first time in almost two years in April, adding to signs that record oil prices are dampening economic growth.
An index based on a survey of about 3,000 purchasing managers compiled by NTC Research Ltd. for Reuters Group Plc fell to 49.2 from 50.4 in March, according to figures available on the Internet yesterday. Economists forecast a decline to 49.8, the median of 35 forecasts in a Bloomberg survey showed. The index hadn’t dropped below 50 since August 2003, something that is indicative of contraction.