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Eurozone composite PMI edges up, manufacturing hits four-year high

The composite PMI rose from 52.0 to 52.1 in August, while manufacturing climbed to 52.8, its highest level in four years, as Germany public investment boosted activity.

Reported · Written up by our desk · Central Banks

Commerzbank Senior Economist Dr. Vincent Stamer said euro area business sentiment stabilized at a moderate level, with the composite PMI edging higher in August from 52.0 to 52.1, slightly above consensus.

The report pointed to a divergence inside the data, saying manufacturing PMI rose to a four-year high at 52.8, supported by German public investment, while services remained stagnant and stayed below the 50-point mark in both France and Germany.

Stamer added that while the composite sentiment indicator moved sideways, the composite measure declined slightly in the eurozone’s two largest economies, falling in France from 49.4 to 48.8 and in Germany from 51.3 to 51.0.

Commerzbank also cited German industrial indicators rising to a multi-year high of 54.1, but said sentiment among service providers fell again below 50 in France and Germany in August.

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