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Financial News: Eurozone Manufacturing Activity Growth Softens

Eurozone Manufacturing Activity Growth Softens

09/03/2018 - 04:25:00 (RTTNews)

(RTTNews) - Eurozone manufacturing activity continued to strengthen in August, maintaining the run of expansion that stretched to 62 months, survey data from IHS Markit showed Monday.

The Purchasing Managers' Index fell to 54.6 in August, in line with flash estimate, but down from July's 55.1. The indicator pointed to the slowest growth since November 2016.

Manufacturing output climbed at the fastest pace in three months. Growth strengthened despite the level of new orders increasing at the slowest rate for two years.

Overall employment growth was again historically elevated, although the net gain was the lowest recorded by the survey since February 2017.

The rate of input price inflation eased to a three-month low. Manufacturers sought to pass on their higher costs to clients by raising their own charges.

Business expectations among manufacturers were the second-lowest since November 2015.

There remained a notable divergence between the strongest and weakest performing manufacturing sectors at the country level. Austria and Germany continued to enjoy robust rates of expansion, whilst Greece, France and Spain all turned in solid growth performances.

Nonetheless, Germany's IHS Markit/BME manufacturing PMI fell more-than-estimated to 55.9 in August from 56.9 in July and its joint-lowest reading in the past year-and-a-half. The flash score was 56.1.

The French factory PMI posted 53.5 in August, up from 53.3 in July, to signal the strongest improvement in manufacturing business conditions for three months. However, the reading was below the flash 53.7.

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