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--Eurozone Aug Composite PMI At 55.7, Unchanged From July
LONDON (MNI) - Eurozone output growth expanded at an unchanged pace in
August, sitting close to the near 6-year high seen in May, a survey released
Tuesday showed, with the expansion again led by the manufacturing sector. Growth
was a little below that seen the preliminary report published recently.
The August Markit Composite Purchasing Managers' Index stood at 55.7,
unchanged from July, but below the 56.3 June reading.
According to the survey, growth was again seen across all of the 'big four'
nations, although modestly slower in some; Germany and Ireland were the only two
to see growth accelerate in the month.
Output and input cost inflation remained elevated, picking up a little to
three-month highs, but below 2017's multi-year highs.
"On current trend, output growth so far in the third quarter is slightly
below its second quarter high, but remains among the best seen over the past
seven years. August saw a strong expansion of manufacturing production, with the
pace of increase regaining most of the momentum ceded in July. Service sector
activity growth eased to a seven-month low, but remained above its long-term
trend," the survey said.
"The summer months have seen Eurozone economic growth moderate only
slightly from the rapid pace seen in the spring. The solid PMI readings for July
and August set the scene for another strong GDP number for the third quarter,
with the surveys running at a level historically consistent with 0.6% growth,"
said Chris Williamson, chief business economist at IHS Markit.
"With such robust growth being sustained into August, the region is on
course to see GDP rise by 2.1% in 2017, which would represent the best
performance since 2007," he added.
"The survey data also highlight how price pressures have meanwhile edged
higher alongside the strong economic upturn, adding to the perception that the
ECB will soon announce its intention to taper its stimulus in 2018 if conditions
remain supportive, most likely at its October policy meeting," Williamson noted.
The full text of the IHS Markit release can be seen here: goo.gl/or86ws
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