Área Euro PMI Industrial

The HCOB Eurozone Manufacturing PMI was revised slightly higher to 45 in September 2024 from a preliminary of 44.8, and compared to 45.8 in the previous two months. However, it remains the lowest reading so far this year, as the manufacturing sector slid deeper into contraction. Production contracted the most year-to-date. Lower output volumes were a response to the prevailing demand environment, which deteriorated further. The latest drop in new orders was sharp and the fastest since December. Also, job shedding was the most pronounced since October 2012, excluding pandemic-hit months. Meanwhile, input costs declined for the first time since May while selling prices were raised for the first time since April 2023. There were big divergences across countries, with Spain having the strongest-performing manufacturing in September while Germany recorded its most pronounced worsening of factory conditions for 12 months. Looking ahead, manufacturers remained slightly optimistic on balance.