Euro zone factory growth accelerates again in September, PMI shows
S&P Global said the manufacturing PMI rose to 52.9, with new orders and output at multi-year highs despite rising inflation pressures.
- The Eurozone Manufacturing Purchasing Managers Index rose to 52.9 in September, its highest level since May 2022, marking the fastest factory expansion in more than four years despite geopolitical tensions.
- Rising demand for investment goods such as machinery and equipment drove the upturn, with Chris Williamson, chief business economist at S&P Global Market Intelligence, reporting capital goods output grew at a rate unseen since the post-COVID rebound five years ago.
- Manufacturers stepped up hiring in September, ending a more than three-year run of job cuts, while new orders expanded at their fastest rate since early 2022 and the output sub-index climbed to a 55-month high of 53.6.
- Official data due Friday is expected to show inflation rose to 3.6% from 3.2%, the highest since September 2023, increasing the probability of further rate hikes from the European Central Bank as markets price in three increases by mid-2027.
- Demand for consumer goods continues to fall as the cost of living weighs on household spending, though rising input costs and selling prices could fuel speculation about additional European Central Bank rate hikes, Williamson cautioned.
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Eurozone Manufacturing Activity Gathers Momentum
The euro area manufacturing activity strengthened in September as production and new orders grew at their sharpest rates since early 2022, final survey results from S&P Global showed Thursday. The final manufacturing Purchasing Managers' Index rose to 52.9 in September from 52.7 in the previous month.
Euro zone factory growth accelerates again in September, PMI shows
Factory growth in the euro zone continued its upward march in September, hitting its fastest rate in more than four years, as resilient demand drove new orders and output to multi-year highs despite the ongoing Middle East conflict, a survey showed.
Eurozone factory growth accelerates again in September, PMI shows
Factory growth in the eurozone continued its upward march in September, hitting its fastest rate in more than four years, as resilient demand drove new orders and output to multi-year highs despite the ongoing Middle East conflict, a survey showed.
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