The Eurozone Manufacturing PMI rose to 51.9 in July from 51.4 in June, comfortably above the 50 threshold separating expansion from contraction. The manufacturing output sub-index climbed to 52.9-53.0, its highest level since March 2022, marking a 52-month high. However, new orders rose only marginally while export orders declined, with factories apparently clearing backlogs rather than responding to fresh demand. Employment in manufacturing continued to contract through July, and inflation pressures eased, with input cost inflation falling to a five-month low.
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