Markit's Eurozone Manufacturing Purchasing Managers Index (PMI) was at 52.3 points in August this year, down slightly from July’s 52.4 points and increasing compared to the earlier flash estimate of 52.4 points.
August's data signalled a further expansion of the euro zone manufacturing sector, as continued growth in Germany, Italy, Spain, the Netherlands, Austria and Ireland offset the ongoing contractions in France and Greece. This supported further job creation, as companies
raised employment at the quickest pace in four years. Employment rose in Italy, Spain, the Netherlands and Ireland, but fell slightly in Austria.
“The eurozone manufacturing sector showed continued resilience in August, with output growth and inflows of new business both strengthening. Based on the historical relationship, the PMI is tracking at somewhere close to a two percent annualized increase in industrial production so far in the third quarter, a modest gain but still representing a positive step forward,” stated Rob Dobson, senior economist at Markit.