Euro Area Manufacturing PMI

Last Release

Feb 29, 2024

Actual

46.5

Units In

Points

46.6

Frequency

Monthly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
63.4 Jun 2021	33.4 Apr 2020	50.99 Points	2007-2024	Markit Economics

In the Euro Area, the Markit Manufacturing Purchasing Managers' Index measures the performance of the manufacturing sector and is derived from a survey of 3,000 manufacturing firms. National data are included for Germany, France, Italy, Spain, the Netherlands, Austria, the Republic of Ireland and Greece. These countries together account for an estimated 90% of Eurozone manufacturing activity. The Manufacturing Purchasing Managers Index is based on five individual indexes with the following weights: New Orders (30 percent), Output (25 percent), Employment (20 percent), Suppliers’ Delivery Times (15 percent) and Stock of Items Purchased (10 percent), with the Delivery Times index inverted so that it moves in a comparable direction. A reading above 50 indicates an expansion of the manufacturing sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change.

Latest Updates

The HCOB Eurozone Manufacturing PMI was revised higher to 46.5 in February 2024, up from a preliminary estimate of 46.1 and compared with January's 10-month high of 46.6. The latest reading signaled the second-slowest deterioration in manufacturing sector conditions since March 2023, with Germany driving the overall deterioration and contracting the most in four months. On the other hand, softer contractions were seen in the Netherlands, Italy, and France, while Spain returned to growth and Greece and Ireland recorded their best expansions for 24 and 20 months, respectively. The overall pace of output contraction was the joint-weakest in ten months, with inflows of new orders declining the least since March 2023. Meanwhile, employment fell for a ninth consecutive month, and supplier delivery times shortened. On the price front, both input costs and output charges continued to drop. Finally, business confidence was little-changed from January's nine-month high.