Eurozone manufacturing PMI index stood at 47.8 points in December

The S&P Global Purchasing Managers’ Index (PMI) for the euro zone manufacturing sector stood at a level of 47.8 points in December, in line with the provisional estimate, according to information released this month. Monday.

The data was in line with the survey of economists consulted by Reuters since it had predicted that the index would stand at 47.8 points in December.

Although the data for December remained above the 47.1 points of November, and therefore it is its highest reading in three months, the indicator continued below 50.0 points.

In other words, despite the increase in the index, the data showed a deterioration in the operating conditions faced by industrial producers in the Eurozone.

For S&P Global, the intensity of the slowdown in the manufacturing sector in the region decreased in the last month of 2022 due to the relaxation of inflationary pressures and more stable conditions in the supply chain, which generated some respite for producers of goods. .

For Chris Williamson, chief economist at S&P Global Market Intelligence, a second consecutive monthly cooling in the rate of industrial production loss is cheering the manufacturing sector at the start of the new year.

The number of optimists about the coming year also outnumbered pessimists for the first time since August, suggesting a steady improvement in business confidence.

All of the euro zone countries studied, which combined account for approximately 89% of manufacturing activity in the euro zone, posted manufacturing PMI readings below the 50.0 point level in December indicating widespread weakness.

However, slowdowns abated in all countries with the exception of Greece, which experienced a steeper decline.