Zone euro PMI manufacturier

The HCOB Eurozone Manufacturing PMI was 45.8 in August of 2024, holding unchanged from the two prior months, and revised higher from the preliminary estimate of 45.6. The result pointed to more than two consecutive years of monthly contractions in the currency bloc’s manufacturing sector, reflecting the impact of tighter financial conditions by the ECB and the fallout of energy price spikes earlier in the stretch. The volume of new orders fell at the sharpest pace since the start of the year. Consequently, manufacturers depleted their backlogs the most since February, but the drop in outstanding business was unable to offset the decline in new orders, and output for factories booked a fresh decline. In the meantime, surveyors attempted to cut costs in response to lower demand, easing purchasing levels and extending the job-cutting streak to its 15th straight month. On the price front, input costs rose for the third month, albeit at a slightly slower rate from July’s 18-month high.