Eurozone PMI remains at six-month high in preliminary reading
By Iain Gilbert
Date: Friday 15 Dec 2023
(Sharecast News) - A preliminary reading of Hamburg Commercial Bank's Eurozone manufacturing purchasing managers remained at a six-month high in December, coming in at 44.2 in December, short of expectations for a reading of 44.6 and flat month-on-month.
Output fell for a ninth month, with the rate of decline re-accelerating, and backlogs of work fell sharply. Additionally, payrolls were cut for a seventh straight month, and the rate of job losses continued to run at one of the highest seen since 2012, excluding the Covid-19 pandemic.
Manufacturers also cut purchasing activity at one of the steepest rates recorded since the GFC, resulting in the largest drops in input inventories since November 2009. On the price front, input prices fell for the tenth month, while selling prices fell for the eighth time.
HBOC's services PMI, on the other hand, dropped to 48.1 in December, down from 48.7 in November and hitting a two-month low, while the composite PMI fell to 47.0 in December versus expectations for a print of 48.0 and November's 47.6 reading.
Reporting by Iain Gilbert at Sharecast.com
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