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No Improvement In Eurozone Manufacturing

James Boston
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No Improvement In Eurozone Manufacturing

In a series of staggered releases across the morning Markit Economics have published their July Manufacturing Purchasing Manager Index (PMI) updates relating to Eurozone economies. The headline PMI release is for the Eurozone as a bloc, despite generally sluggish industrial activity this number has held at the 51.8 level reported last month, by comparison the market consensus estimate was for a slight pick up to 51.9.

PMI data was also made available for many of the Eurozone constituent economies. First released this morning was Ireland, the July figure for this economy came in at 55.4, this is a slight rise on the 55.3 experienced in June and easily beat the estimate for 54.35. The Netherlands also beat expectations this month and with a print of 53.5 the June figure of 52.3 was clearly exceeded. The Greek reading was announced as 48.7, this compares to a June figure of 49.4, the consensus estimate for the July PMI figure from Greece was for a further fall to 48.5.

With one exception the larger Eurozone economies all delivered softer Manufacturing PMI results in July. Spanish industrial activity ticked down slightly this month, the PMI out of Spain has been announced as 53.9, this represents a fall from the 54.6 reported in June, market consensus estimates had been seeking a rise to 54.7 for July. In Italy the number was announced as 51.9, this is a drop from the 52.6 reading in February, markets had been expecting a reading of 52.7 for the Italian manufacturing sector. The French number also disappointed in July, the PMI reading was 47.8, this compares to a reported 48.2 figure in June, consensus estimates on this figure were for a reading of just 47.6.

Finally, the German PMI was the only one of the major Eurozone economies to post an improvement on the prior month, at 52.4 the July figure represents a rise on the 52.0 seen in June, it did however disappoint the market that had been expecting a reading closer to 52.9.

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