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EMU CommentBetter than expected eurozone PMI as Germany lags

  1. Better than expected eurozone PMI
  2. Germany: Manufacturing PMI sluggish, but better than expected
  3. France: Solid performance in services complemented by return to manufacturing growth
Better than expected eurozone PMI
Eurozone Composite PMI came in better than expected at 51.8 in August, compared to 51.5 in July. The manufacturing sector remains under pressure at 47, albeit better than last month (46.5). The service sector continues to show strength with a better-than-expected 53.4 compared to 53.2 in July. Despite beating expectations across the board for the eurozone, this round of releases is likely to boost the case for renewed ECB stimulus in next month's meeting.
Germany: Manufacturing PMI sluggish, but better than expected
In Germany, composite PMI beat expectations and came in at 51.4 compared to 50.9 in July. Manufacturing PMI was 43.6 compared to 43.2 the previous month, which represents a two-month high but is nonetheless testament to a struggling sector. The service sector continues to buck the trend of the manufacturing sector, as service PMI came in at 54.4, compared to 54.5 the previous month.
France: Solid performance in services complemented by return to manufacturing growth
In France, Composite PMI rose to 52.7 from 51.9 in July. This was driven by a larger than expected uptick in Manufacturing PMI, 51, compared to 49.7 the previous month, complementing a strong service sector that saw a rise to 53.3 compared to 52.6 the previous month.

 



Disclaimer
 Erik Meyersson

Erik Meyersson

Senior Economist

Eurozone

erme03@handelsbanken.se

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