The initial value of the S&P Global Eurozone Composite PMI Output Index rose from 52.0 in July to 52.1 this month, the highest level since November and higher than market expectations of 51.7. Over the past five months, the final data were better than the initial values. The growth rate of new orders hit the fastest level in 40 months; at the same time, export orders, including intra-Eurozone trade, increased for the first time since the Russian-Ukrainian war in February 2022. The survey also showed that price pressure has eased somewhat. S&P global economist Chris Williamson said, “The manufacturing industry has once again become the most outstanding industry, and the service sector has played a supporting role. After the slump in the second quarter, it achieved relatively steady growth for the second month in a row. Once again, we have seen that as supply chains in the Middle East continue to be disrupted, companies have increased their inventory for preventive purposes, helping to support the commodity production industry. However, there are also encouraging signs that demand for artificial intelligence-related technology products is growing, while higher defense spending is driving up demand for equipment, which in particular has helped Germany achieve more and more significant output growth.”

The initial value of the S&P Global Eurozone Composite PMI Output Index rose from 52.0 in July to 52.1 this month, the highest level since November and higher than market expectations of 51.7. Over the past five months, the final data were better than the initial values. The growth rate of new orders hit the fastest level in 40 months; at the same time, export orders, including intra-Eurozone trade, increased for the first time since the Russian-Ukrainian war in February 2022. The survey also showed that price pressure has eased somewhat. S&P global economist Chris Williamson said, “The manufacturing industry has once again become the most outstanding industry, and the service sector has played a supporting role. After the slump in the second quarter, it achieved relatively steady growth for the second month in a row. Once again, we have seen that as supply chains in the Middle East continue to be disrupted, companies have increased their inventory for preventive purposes, helping to support the commodity production industry. However, there are also encouraging signs that demand for artificial intelligence-related technology products is growing, while higher defense spending is driving up demand for equipment, which in particular has helped Germany achieve more and more significant output growth.”