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Eurozone composite PMI reaches 2-month high in August

by ChemOrbis Editorial Team -
  • 23/08/2017 (15:47)
According to a flash purchasing managers’ index (PMI) released by Markit Economics, a combined measure of manufacturing and service output in the eurozone reached a 2-month-high in August as a strong rise in manufacturing production counterbalanced a slowdown in the services sector. The composite PMI inched up to a reading of 55.8 from a reading of 55.7 in July, leaving expectations calling for a reading of 55.5 behind. Any reading above 50 represents an expansion.

Manufacturing activity grew at the fastest pace since April 2011 as output and new orders increased at sharper rates in August while new orders were boosted by the fastest jump in exports for six and a half years. The manufacturing PMI rose to 57.4 from 56.6 in July while expectations were calling for a decline to 56.3.

However, the services PMI hit a seven month low at 54.9 from 55.4 in July, falling short of analysts’ stable expectations.

Markit reported in its official website that France’s and Germany’s economies continued to see strong output growth in August, while the rest of the eurozone saw a slightly weaker increase in output during the month. This is because a slower rise in services activity outweighed stronger growth of manufacturing output. Germany’s flash composite PMI rose to 55.7 from its 10-month-low of 54.7 in the previous month while France’s composite PMI was unchanged at 55.6. However, French manufacturing production rose at the fastest pace since April 2011.
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