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Financial News: Eurozone Manufacturing Sector Contracts As Estimated In Au

Eurozone Manufacturing Sector Contracts As Estimated In August

09/02/2019 - 04:59:00 (RTTNews)

(RTTNews) - The Eurozone manufacturing sector continued to contract for the seventh straight month in August but the pace of decline slowed from previous month, final data from IHS Markit showed Monday.

The Purchasing Managers' Index rose to 47.0 in August from 46.5 in July. This was the second lowest reading since April 2013 and in line with the flash estimate published on August 22.

The improvement in the headline index was replicated in the main across the euro area, with only Ireland recording a fall in its PMI during August.

"The deteriorating manufacturing conditions mean the goods-producing sector is likely to act as an increased drag on eurozone economic growth in the third quarter," Chris Williamson, chief business economist at IHS Markit said.

At current levels, the survey is consistent with goods production declining at a quarterly rate of 1 percent, Williamson added.

Trade wars and tariffs remain the biggest concerns among producers, and the escalation of global trade war tensions in August encouraged further risk aversion, the economist noted.

In Germany, the PMI remained at historically low level. In contrast, France and the Netherlands continued to experience moderate manufacturing growth.

Germany's manufacturing sector remained firmly on contraction in August. The final IHS Markit/BME manufacturing PMI came in at 43.5 in August, up from from July's seven-year low of 43.2. The flash reading was 43.6.

Faced with sharply falling inflows of new work, goods producers scaled back output and cut jobs more steeply in August.

France's manufacturing sector rebounded in August driven by recovery in both output and new orders. The final PMI improved to 51.1 in August from 49.7 in July. The initial estimate for August was 51.0.

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