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Financial News: Eurozone Manufacturing Growth At Record High

Eurozone Manufacturing Growth At Record High

07/01/2021 - 04:48:00 (RTTNews)

(RTTNews) - The euro area manufacturing sector grew at a fresh survey record pace for a fourth successive month in June as demand surged with the further relaxation of containment measures, final data from IHS Markit showed on Thursday.

The final manufacturing Purchasing Managers' Index rose to 63.4 in June from 63.1 in May. The final reading was higher than the flash 63.1.

June marked a twelfth successive month that the index has posted above the 50.0 no-change mark that separates growth from contraction.

Production growth remained elevated in June, edging up slightly since May. Manufacturers struggled to meet higher sales in June, as evidenced by a near series record increase in backlogs of work.

The combination of limited supply and strong demand for inputs underpinned another survey-record increase in input prices. Firms were also able to raise their own charges.

Overall employment rose at the strongest pace on record. Finally, confidence about future output edged higher in June reaching a level that was close to April's survey record.

Germany's manufacturing sector showed an improved performance in June, with rates of output and new order growth accelerating for the first time in three months. The headline IHS Markit/BME manufacturing PMI advanced to 65.1 in June from 66.4 in the previous month. The flash reading was 64.9.

The French manufacturing sector ended the second quarter with another strong growth across output, new orders and employment. Although the manufacturing PMI fell marginally to 59.0 in June from 59.4 in May, the index signaled another substantial growth. The initial reading was 58.6.

Spain's manufacturing sector grew at the fastest pace since April 1998. The factory PMI advanced to 60.4 in June from 59.4 in May. The latest reading was the highest recorded by the survey since April 1998.

Italy's manufacturing sector expanded at the second-quickest pace in the survey's 24-year history. The PMI came in at 62.2 in June, in line with expectations, but slightly up from 62.3 in May.

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