Eurozone business growth rose slightly in August but manufacturing output was down for the seventh month running and job creation remained weak, a closely watched survey said on Thursday, The service sector continued its solid growth across the single currency area, but manufacturing output was down everywhere except France, according to data from IHS Markit. Market consensus was 46.2 points.
Euro zone business growth picked up a touch in August, helped by brisk services activity and as manufacturing contracted at a slower pace, but trade war fears knocked future expectations to their weakest in over six years, a survey showed.
Meanwhile, services purchasing managers index rose to 53.4 from 53.2 in July.
Despite increasing worries about a global slowdown, the US and China have shown no sign of backing down in their trade war. Economists had forecast a score of 51.2.
Last month, official data showed that French economic growth slowed down slightly in the second quarter to 0.2% from 0.3% in the previous quarter.
The August figure was down from 50.4 in July, the London-based global information provider said in its press release.
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The factory PMI advanced unexpectedly to 43.6 from 43.2 in the previous month.
"The lack of a quick rebound from the recent economic slowdown has impacted firms' confidence, with sentiment the lowest in over six years". The corresponding PMI came in at 49.5 in August versus 49.4 a month ago.
The services PMI fell to a seven-month low of 54.4 from 54.5 in July, but above the forecast of 54.0.
"The most concerning aspect of the latest data is a slowdown in new business growth to its weakest in a decade, driven by a sharp loss of momentum across the service sector", Moore said.
- Detailed PMI data are only available under license from IHS Markit and customers need to apply for a license.