The final figure of euro zone manufacturing PMI for September showed a marginal upward revision compared to the first estimate. Manufacturing PMI was upwardly adjusted from 48.4 to 48.5, compared to a reading of 49.0 in August. National data show that manufacturing PMI fell in all countries except Italy. The steepest declines were registered in Greece and Spain. Only in Germany, the manufacturing PMI stayed out of contraction territory, at 50.3. Both EMU production and new orders continued to contract in September. The rate of contraction of output eased, but more worrying, new orders fell at the fastest rate in 27 months. Manufacturing employment rose at the weakest pace in 15 months. Manufacturing activity slowed sharply since the strong start of the year. We’re not (yet) at the recession levels seen in 2008 and 2009, but the sharp decline in orders suggests that the worst has yet to come.