Eurozone PMI Manufacturing was finalized at 62.8 in July, down from June’s 63.4. Markit said output and order growth rates slowed, but employment rose at survey-record pace. Inflation rates hit new highs as supply chain disruptions continue.
The readings for most member states except Germany declined, but remained strong: Netherlands (67.4), Germany (65.9), Austria (63.9), Italy (60.3), Spain (58.0), France (58.0), Greece (57.4).
Chris Williamson, Chief Business Economist at IHS Markit said: “July survey showed inflows of new orders outstripping production to an extent unprecedented in the survey’s 24-year history. Capacity constraint indicators continue to flash red. Input shortages worsened again in July at a near record rate and July saw another near-record rise in backlogs of work…. Prices pressures meanwhile show no sign of abating, with July seeing another record increase in both input costs and prices charged for goods as demand exceeds supply, and concerns over future supply availability flare up again.”
