Eurozone PMI keeps growing in July

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The eurozone manufacturing PMI ticked higher to 51.9 in July, up from June’s seven-month low of 51.8, according to the Markit’s Flash estimate.

Eurozone manufacturers reported further growth of production, new orders and new exports.

However, rates of expansion remained weaker than the highs scaled towards the start of the year, further highlighting the ongoing fragility of the current recovery, Markit’s report highlighted.

Looking at job creation in the eurozone, inflows of new business were reportedly still relatively subdued and work-in-hand falling for a third successive month, the rate of increase in payroll numbers remained only slight.

On the prices front, average selling prices and input costs both rose during July. Selling prices rose only slightly, however, as modest increases in Germany
and (on average) outside of the big- two economies were offset by a reduction in France.

While output growth picked up in Germany, driven by solid rise in service sector activity, the French private sector output contracted again, although at slower pace.

In numbers, the German PMI rose to a three-month high of 52.9, whereas its French counterpart dropped to a seven-month low of 47.6.

According to Markit, the gap between the German and French PMI readings is now the widest since January and one of the greatest seen during the survey history.



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