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3 Aug 2015
Eurozone manufacturing activity expands, ignores Greek weakness
FXStreet (Mumbai) - The final seasonally adjusted Eurozone Manufacturing (PMI) held close to June’s 14-month high. The figure printed at 52.4 in July, beating the estimate of 52.2, but slightly below June’s 52.5.
As per the official report, the inflow of new business from domestic and export clients improved, despite the rates of increase in total new orders and new export business easing to the slowest since April and January respectively. Employment rose for the eleventh straight month. Input prices rose for the fifth month running due to a weaker Euro. Still, the selling prices remained muted.
The Greek PMI reading of 30.2 was substantially worse than its previous record low (37.7 in February 2012).
As per Chris Williamson, Chief Economist at Markit, “The Eurozone manufacturing economy showed encouraging resilience in the face of the Greek debt crisis in July. The PMI held close to its June level, which had been the highest for over a year, coming in ahead of the earlier flash estimate largely on the back of stronger than previously recorded growth in Germany.”
As per the official report, the inflow of new business from domestic and export clients improved, despite the rates of increase in total new orders and new export business easing to the slowest since April and January respectively. Employment rose for the eleventh straight month. Input prices rose for the fifth month running due to a weaker Euro. Still, the selling prices remained muted.
The Greek PMI reading of 30.2 was substantially worse than its previous record low (37.7 in February 2012).
As per Chris Williamson, Chief Economist at Markit, “The Eurozone manufacturing economy showed encouraging resilience in the face of the Greek debt crisis in July. The PMI held close to its June level, which had been the highest for over a year, coming in ahead of the earlier flash estimate largely on the back of stronger than previously recorded growth in Germany.”