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Financial News: Eurozone Manufacturing Growth Remains Subdued

Eurozone Manufacturing Growth Remains Subdued

08/01/2018 - 04:29:00 (RTTNews)

(RTTNews) - Eurozone manufacturing activity remained subdued at the start of the third quarter, as initially estimated, final data from IHS Markit showed Wednesday.

The factory Purchasing Managers' Index rose to 55.1 in July, in line with flash estimate, from 54.9 in June.

The latest score was only a minor recovery from June's 18-month low and over five points below the record high registered at the end of 2017.

"A marginal uptick in the PMI provides little cause for cheer given it is the second weakest number for more than one-and-a-half years," Chris Williamson, chief business economist at IHS Markit said.

The clear implication is that manufacturers may have to adjust production down in coming months unless demand revives, Williamson added.

Germany was one of the strongest-performing nations in July. Rates of expansion slowed in Italy, Spain and Ireland, whereas acceleration was registered in France. Germany's factory PMI improved to 56.9 from 55.9 in June. However, this was below the initial estimate of 57.3.

France's manufacturing sector growth bounced back in July, having slowed at the end of the second quarter. The manufacturing PMI rose to 53.3 from 52.5 in June. The score was above the flash 53.1.

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