Eurozone Manufacturing PMI
Event Date: Thursday, November 23, 2023
Event Time: 09:00 CET
Updated Sunday, November 19, 2023
Manufacturing has been suffering the most in Europe from the global economic slowdown. It was already in contraction, with January coming at 47.9 points and at 49.2 in February which means contraction, although the first reading for March was pretty bad. In April it got worse though, falling to 33.6 points in the first reading during lock-downs, but in May it improved to 39.4 points, following up with 47.4 points in June and to 51.2 points in July, which was revised later to 51.8 points. In August expectations were for another increase, but it cooled off to 51.7 points, although they increased again to 53.7 points in September, while the first reading for October increased further to 54.4 points, but services fell in contraction to 48.0 points. Manufacturing PMI increased to 54.8 points in October and to 55.5 points in November, but now it has climbed above 60 points, peaking at 63.3 points in April, which shows that this sector is in great shape. Services came out of contraction in April and in summer and they are also surging so the Eurozone economy is doing well at the moment. Although manufacturing cooled 58.6 points in September and cooled off further to 58.3 points in October. This year manufacturing fell in contraction in July and December came at 48.8 points. In January we saw another improvement and February is expected to keep that trend, but manufacturing is still expected to remain in contraction below 50 points. Please follow us for live coverage of this event by experienced market analysts.
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About Eurozone Manufacturing PMI
Developed by the Markit, the Eurozone Flash Manufacturing PMI provides a look at the conditions facing the European industrial sector. The metric is derived using a 0-100 scale. Basic interpretations include a value over 50 being viewed as positive toward the Euro and under 50 negative.A top major global economic power, the Eurozone relies greatly upon domestic manufacturing for economic output. With industrial production accounting for nearly 20% of aggregate GDP, the manufacture of goods is a big part of the European economy. The Flash Manufacturing PMI offers an inside view of the ongoing progress of the manufacturing sector.