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New export orders fall at fastest rate in 42 months Output and input prices continue to fall Purchasing activity declines amid weak demand and lower production requirements Data in September signalled a stronger decline in Chinese manufacturing output, as the volume of new orders fell for the eleventh consecutive month. New export orders declined at the sharpest rate in 42 months amid reports of weak international demand, while lower workloads were linked to a fall in backlogs of work. After adjusting for seasonal factors, the HSBC Purchasing Managers’ Index™ (PMI™) – a composite indicator designed to give a single-figure snapshot of operating conditions in the manufacturing economy – posted 47.9 in September, up slightly from 47.6 in August, and signalling an eleventh successive month-on-month deterioration in Chinese manufacturing sector operating conditions.
The Financial Times reports France unveils tough budget measures The measures announced on Friday included the controversial 75 per cent marginal tax rate on earned income above €1m a year, put in place for two years. But, as promised by President François Hollande, France was largely spared the kinds of hefty cuts in public spending, pensions and salaries imposed in other eurozone countries struggling to contain their sovereign debt.
Read this article: Reader from Netherlands Says Last Election Not as Pro-Euro as Media Portrays; 81 in 150 Against More…
Excerpt from: French Unemployment Tops 3 Million, First Time Since 1999
