Eurozone PMI Manufacturing was finalized at 48.5 in February, down from January’s 48.8. Manufacturing output was finalized at 50.1, up from 48.9, a 9-month high.
Looking a some member states, readings for Italy (52.0, 10-mont high), Greece (51.7, 9-month high), Ireland (51.3, 4-month high), and Spain (50.7, 8-month high) improved. The Netherlands (48.7, 2-month low), France (47.4, 4-month low), Austria (47.1, 3-month low), and Germany (46.3, 3-month low) deteriorated.
Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said:
“A marginal expansion of output reported by Eurozone manufacturers in February is welcome news in representing the first increase since last May… Unfortunately, inflows of new orders continued to fall at a marked rate, reflecting persistent weak demand… In the meantime, the combination of improved supply and sustained weak demand – as well as lower energy prices – is helping bring inflationary pressures down sharply”.
