The HCOB Eurozone Manufacturing PMI edged higher to 43.7 in August of 2023 from the three-year low of 42.7 in the previous month, ahead of market expectations of 42.6 but remaining deep in the contractionary territory. The result marked the fourteenth consecutive month of factory activity contraction when considering the Eurozone aggregate, with new orders for goods extending their decline at one of the fastest paces since the global financial crisis. In turn, output sank for the fifth consecutive month despite another period of clearance for companies’ work backlog. Meanwhile, employment levels edged slightly lower, while factories continued to scale back purchasing inputs and reduce raw material inventories. Despite the slowdown in demand, input deflation slowed. Looking ahead, manufacturers’ output expectations fell for a sixth month to their lowest since December 2022. source: Markit Economics

Manufacturing PMI in Euro Area averaged 51.18 points from 2007 until 2023, reaching an all time high of 63.40 points in June of 2021 and a record low of 33.40 points in April of 2020. This page provides the latest reported value for - Euro Area Manufacturing PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Euro Area Manufacturing PMI - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

Manufacturing PMI in Euro Area is expected to be 44.90 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Euro Area Manufacturing PMI is projected to trend around 52.50 points in 2024 and 51.00 points in 2025, according to our econometric models.

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Euro Area Manufacturing PMI



Related Last Previous Unit Reference
Services PMI 48.30 50.90 points Aug 2023
Manufacturing PMI 43.70 42.70 points Aug 2023
Composite PMI 47.00 48.60 points Aug 2023

Euro Area Manufacturing PMI
The HCOB Eurozone Manufacturing PMI is compiled by S&P Global from responses to monthly questionnaires sent to survey panels of manufacturers in Germany, France, Italy, Spain, the Netherlands, Austria, Ireland and Greece, totaling around 3,000 private sector companies. The headline figure is the Purchasing Managers’ Index (PMI), which is a weighted average of the following five indices: New Orders (30%), Output (25%), Employment (20%), Suppliers’ Delivery Times (15%) and Stocks of Purchases (10%). For the PMI calculation the Suppliers’ Delivery Times Index is inverted so that it moves in a comparable direction to the other indices. The index varies between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease.
Actual Previous Highest Lowest Dates Unit Frequency
43.70 42.70 63.40 33.40 2007 - 2023 points Monthly
SA

News Stream
Eurozone Manufacturing Activity Contracts Further
The HCOB Eurozone Manufacturing PMI edged higher to 43.7 in August of 2023 from the three-year low of 42.7 in the previous month, ahead of market expectations of 42.6 but remaining deep in the contractionary territory. The result marked the fourteenth consecutive month of factory activity contraction when considering the Eurozone aggregate, with new orders for goods extending their decline at one of the fastest paces since the global financial crisis. In turn, output sank for the fifth consecutive month despite another period of clearance for companies’ work backlog. Meanwhile, employment levels edged slightly lower, while factories continued to scale back purchasing inputs and reduce raw material inventories. Despite the slowdown in demand, input deflation slowed. Looking ahead, manufacturers’ output expectations fell for a sixth month to their lowest since December 2022.
2023-08-23
Euro Area Manufacturing PMI Confirmed at 3-Year Low
The HCOB Eurozone Manufacturing PMI fell to 42.7 in July of 2023 from 43.4 in the previous month, the lowest in three years, and in line with its flash estimate to point to one full year of consecutive contractions in the currency bloc’s manufacturing sector as higher borrowing costs from the ECB continued to bite. Factory production declined considerably in the period, largely due to cutbacks in the intermediate goods sector, as cleared backlogs could not entirely make up for the sharpest contraction in new orders since 2009, when excluding the first months of the pandemic. Consequently, purchasing activity was cut for another month and businesses reduced inventories. In the meantime, weak economic conditions and lower purchasing shortened delivery times and gave supply chains a breather, driving input prices sharply lower and translating to discounts in output charges.
2023-08-01
Euro Area Factory Activity Falls More than Expected
The HCOB Eurozone Manufacturing PMI fell to 42.7 in July of 2023 from 43.4 in the previous month, the lowest in three years, missing market expectations of 43.5 to point to one full year of consecutive contractions in the currency bloc’s manufacturing sector as higher borrowing costs from the ECB continued to bite. The decline in new orders sank at one of the fastest paces since 2009, widening the gap to the drop in output and signaling more decreases in future production, as backlogs of work continued to be cleared to sustain current operating levels. The lower activity also forced factories to adjust production requirements. In the meantime, falling demand for inputs, improved supply, and lower raw material prices drove input costs to decline the most since 2009, translating to lower prices charged by factories.
2023-07-24