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Economic Report: European manufacturing PMI records second month of improving conditions

Economic Report

An employee checks the quality of the gazpacho at the AMC Innova factory in Espinardo near Murcia, Spain, on August 18, 2020.

jose jordan/Agence France-Presse/Getty Images

The eurozone manufacturing purchasing managers index pointed to improving conditions in August, as the region’s recovery from the coronavirus pandemic continued.

The final eurozone manufacturing PMI of 51.7 was unchanged from the flash reading and just a touch lower than the 51.8 reading in July. Any reading above 50 indicates improving conditions.

By country, Italy registered the strongest eurozone manufacturing PMI, of 53.1, while Spain, France and Greece were modestly below the 50 mark.

“Caution is warranted in assessing the likely production trend, however, as so far it would have been surprising to have seen anything other than a rebound in output and sentiment. Worryingly, order book growth cooled slightly in August, and there are indications that firms are bracing for a near-term weakening of demand,” said Chris Williamson, chief business economist at IHS Markit.

In the U.K., the manufacturing PMI rose to a 30-month high of 55.2 in August, up from 53.3 in July but a tick below the earlier flash estimate of 55.3.


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