Eurozone manufacturing PMI misses expectations in August
Across the region, Germany’s manufacturing PMI improved in August to a reading of 53.3 from an initial reading of 53.2, posting the highest reading seen in 16 months. However, manufacturing activities in France and Italy declined more than expected in August due to a reduced number of new orders. France’s manufacturing PMI slipped to a reading of 48.3, falling below an initial estimate of 48.6 and well below July’s reading of 49.6. The August PMI also showed the third monthly decrease in a row. Italy’s PMI, meanwhile, fell to a reading of 53.8 in August, declining from 51 month high reading of 55.3 in July.
In addition, Markit Economics also released a separate report regarding the UK’s manufacturing in August. The country’s manufacturing PMI slowed slightly to a reading of 51.5 in August from its July reading of 51.9 given weak foreign orders and the stronger sterling against the euro.
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