European manufacturing activity continued to contract in August, with the relevant PMI falling to a 26-month low, as the inflation rally continues to weigh on demand.
In particular, the S&P Global manufacturing PMI for the Eurozone fell in August to 49.6 points from 49.8 points, widening its distance from the 50 point level that separates expansion from contraction of activity. This is the lowest reading since June 2020.
Only three countries show manufacturing PMI readings above 50, indicating expansion in activity in August. The Netherlands at 52 points (a 22-month low), Ireland at 51.1 points (also a 22-month low) and France at 50.6 points (a two-month high).
The index for manufacturing output in the Eurozone improved slightly to 46.5 from 46.3 in the previous month, but remained on a contractionary trajectory, below the 50-point level.
Source: Capital
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