Eurozone manufacturing PMI, a slight upward revision.

The Eurozone manufacturing PMI for August 2024 was 45.8, unchanged from the previous month and upwardly revised from the pre-estimate of 45.6.

This result reflects the impact of the ECB's monetary tightening and the initial surge in energy prices, suggesting that the manufacturing sector in the currency area has been contracting on a monthly basis for over two years.

New orders have decreased at the fastest pace since the beginning of the year, highlighting the lack of demand from both the domestic and export markets.

As a result, the backlog of orders in the manufacturing sector decreased at the fastest pace since February, but the decrease in order backlog was not enough to offset the decrease in new orders, and factory production declined again.

Source: S&P Global