Markit's Eurozone Manufacturing Purchasing Managers Index (PMI) posted 57.4 points in August this year, up from July’s 56.6 points and remaining in the same line with the earlier flash estimate.
August saw a strong and accelerated increase in euro zone manufacturing production, as robust demand and rising employment underpinned a solid improvement in overall operating conditions.
August saw euro area manufacturing production rise at one of the fastest rates since April 2011, bettered or equalled only by the expansions seen in May and June of this year. The trend in new order inflows also improved, with the rate of expansion similarly among the best since early-2011.
“The euro zone’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 four percent. Producers across the region are benefitting from rising domestic demand as economic recoveries gain momentum, as well as surging export sales,” stated Chris Williamson, chief economist at IHS Markit.