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Eurozone PMI Data Weakens Further

James Boston
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Eurozone PMI Data Weakens Further

The Purchasing Managers Indices (PMI) have been released for a number of Eurozone countries this morning in Preliminary format for the month of August. On a whole these are looking to be slightly down again on the month. The Eurozone Manufacturing PMI number is now reading at 50.8, a full figure lower than July’s final reading of 51.8, markets expected a drop in this metric but only as far as 51.4. The Services PMI for the Zone is now showing at 53.5, this represents a fall from the 54.2 number seen in July and comes in below expectations of 53.6. Overall the Composite PMI has fallen to 52.8 from July’s 53.8 and misses the estimates for a 53.4 showing.

The German figures, although down on the month, have managed to come in ahead of expectations. The Manufacturing PMI from the Eurozone’s largest economy has been reported as 52.0, a fall from the 52.4 experienced last month but slightly up on the 51.8 consensus estimate. Services are higher at 56.4 but still somewhat below the July reading of 56.7, nonetheless this reading beat the anticipated number of 55.5. Germany’s Composite PMI is now reading at 54.9 compared to 55.7 last month.

France has produced somewhat more mixed results, the Services sector appears to be making advances but the Manufacturing area is still in contractionary territory. France’s Services PMI for the month of August is showing a gain of 0.7 points to read at 51.1, this is up from 50.4 in July and surprised markets that were anticipating a fall in this number to 50.3. The French Manufacturing PMI has however fallen again, this is now reading at 46.5, compared to 47.8 in July, analysts had in fact expected this to rise slightly to 47.9 for the month of August. Overall the French Composite number has now reached the neutral level of 50.0, up from the July 49.4 reading.

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