FXstreet.com (Barcelona) - Manufacturing sector's activity has contracted in the Euro Zone in January for its eight consecutive month, although the contraction pace has not been as fast as in December, according to the PMI Manufacturing report.

Euro Zone Manufacturing PMI has edged up to 34.4 in January from 33.9 in December, although it remains substantially low from levels above 50, which mean expansion of the manufacturing Activity.

Euro Area´s manufacturing sector has been going through a continuous contracting period since May 2008, when it reached 50.6, the last time Euro Zone PMI posted levels above 50.