Markit's Eurozone Manufacturing Purchasing Managers Index (PMI) posted 54.7 points in August this year, down from July’s 56.6 points and decreasing from the earlier flash estimate of 57.4 points, among strongest seen since 2011.
August saw a strong and accelerated increase in eurozone manufacturing production, as robust demand and rising employment underpinned a solid improvement in overall operating conditions.
The expansion was led by a strong core of Germany, the Netherlands and Austria. Foreign demand improved in all of the nations covered by the survey, including a mild increase in Greece for the first time in a year. Growth of new export business at German manufacturers was the strongest since May 2010. Rates of increase also accelerated in France, Italy, the Netherlands, Austria and Ireland.
“The eurozone’s impressive manufacturing upturn regained momentum in August, with a summer surge in factory activity suggesting rising goods production will support another strong GDP reading in the third quarter. The survey indicates that euro area manufacturing output is growing at an annual rate of approximately 4 percent.” stated Chris Williamson, chief economist at IHS Markit.