Markit's Eurozone Manufacturing Purchasing Managers Index (PMI) was at 52.4 points in July this year, down slightly from June’s 52.5 points and increasing compared to the earlier flash estimate of 52.2 points.
July's data signalled a continuing expansion at a solid steady pace at the start of the third quarter, as continued growth in the Netherlands, Italy, Spain, Austria and Germany offset the deepest contraction of the Greek manufacturing sector in the survey’s history. Employment rose for the 11th straight month, reflecting the continued expansion of output in the sector and a slight accumulation of backlogs of work.
“The eurozone manufacturing economy showed encouraging resilience in the face of the Greek debt crisis in July. The PMI held close to its June level, which had been the highest for over a year, coming in ahead of the earlier flash estimate largely on the back of stronger than previously recorded growth in Germany,” Chris Williamson, chief economist at Markit, said.