Eurozone August Composite PMI Preliminary at 59.5... Slightly Below Expectations
[Asia Economy Reporter Seulgina Jo] The preliminary composite Purchasing Managers' Index (PMI) for the Eurozone (19 countries using the euro) in August stood at 59.5.
Global market research firm IHS Markit announced on the 23rd (local time) that the preliminary composite PMI for the Eurozone in August was 59.5, surpassing the baseline of 50. A PMI above 50 indicates economic expansion, while below 50 indicates contraction.
However, it fell from 60.2 in the previous month and slightly missed the market forecast of 59.7.
Chris Williamson, Chief Business Economist at IHS Markit, evaluated, "The Eurozone's economic recovery maintained impressive momentum in August. Although it slightly declined from the July peak, the third-quarter average is the highest since 2021."
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This reflects the economic recovery following the COVID-19 pandemic, coinciding with the spread of vaccinations. However, supply chain issues and inflation concerns are cited as obstacles to future economic outlooks. Williamson stated, "Supply chain delays continue to cause disruptions."
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