Eurozone PMI Manufacturing dropped from 62.8 to 61.5 in August, below expectation of 62.0. PMI Services dropped from 59.8 to 59.7, below expectation of 59.8. PMI Composite dropped from 60.2 to 59.5.
Chris Williamson, Chief Business Economist at IHS Markit said: “The eurozone’s economic recovery retained impressive momentum in August, with the PMI dipping only slightly from July’s recent high to put its average in the third quarter so far at the highest for 21 years… Firms benefited from virus containment measures easing to the lowest since the pandemic began…
“Supply chain delays continue to wreak havoc… combined with surging demand, led to another near-record increase in average selling prices for goods and services, though there are some welcome signs that these inflationary pressures may have peaked for now. Encouragement comes from a second month of job creation at the strongest for 21 years… some upward movement on wage growth… which could feed through to higher inflation”.
