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Eurozone manufacturing PMI beats estimates in July

by ChemOrbis Editorial Team -
  • 03/08/2015 (15:01)
According to a final purchasing managers’ index (PMI) compiled by Markit Economics, growth in manufacturing activities in the eurozone beat economists’ initial estimates in July, although manufacturing growth still fell below June’s figures, when the index hit a 14 month high. Markit’s PMI eased to a reading of 52.4 in July from a reading of 52.5 in June while topping economists’ initial forecasts, which called for a reading of 52.2 in July. Any reading above 50 indicates an expansion while any figure below 50 represents a contraction.

The final index revealed that the new orders index slipped to a reading of 52.2 from 52.7 in the previous month while the output index remained unchanged at a reading of 53.6, beating the preliminary reading of 53.4.

Across the region, Germany’s manufacturing PMI grew by a larger than expected amount in July to a reading of 51.8 from initial estimate of 51.5 while falling below June’s reading of 51.9. France’s manufacturing PMI declined to a reading of 49.6 from a reading of 50.7 in June, although the reading was in line with economists’ initial estimates.

Manufacturing in Italy and Spain, on the other hand, rose in July, posting readings of 55.3 and 53.6, respectively. In Spain, although output and new orders indexes declined in June, the employment index posted its strongest rate since January 2007, according to Markit’s data.
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