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Eurozone August final manufacturing PMI 61.4 vs 61.5 prelim

Latest data released by Markit – 1 September 2021

The preliminary report can be found here. Factory activity growth eases to a six-month low but it comes off the back of a very strong run in the past few months, spurred by the latest economic reopening going into the summer.

Output and new orders are seen lower but are still registering modest expansions, keeping overall activity at elevated levels despite major issues posed by supply chain disruptions – likely to be more evident in the months ahead. Markit notes that:

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“Eurozone manufacturers reported another month of
buoyant production in August, continuing the growth
spurt into its fourteenth successive month. The
overriding issue was again a lack of components,
however, with suppliers either unable to produce
enough parts or are facing a lack of shipping capacity
to meet logistics demand.

“These supply issues were the primary cause of a
shortfall of manufacturing production relative to
orders of a magnitude not previously recorded by the
survey, surpassing the 24-year record deficit seen in
July.

“Factory selling prices consequently rose steeply
once again, albeit with some of the upward pressure
alleviated by a slight cooling of input cost inflation,
albeit with still-high materials prices adding to
manufacturers’ problems.

“Employment growth meanwhile eased only
modestly from July’s all-time high as producers
remained focused on boosting operating capacity.
However, a dip in future sentiment in August – linked
to the peaking of demand, persistent supply chain
issues and the spread of Delta variant – add to signs
that both output and employment growth has
peaked.”

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