Eurozone manufacturing growth softens in July, but sector continues to buzz with activity

Eurozone factories were buzzing with activity again in July, according to PMI survey data. At 56.6, the headline PMI came in slightly below the earlier flash estimate, slipping to a four-month low, but this is still an encouragingly buoyant reading. The survey’s output index (just one of the five components of the headline PMI) indicates that manufacturing output was growing at an annual rate of approximately 4%–5% at the start of the third quarter, sustaining the best production growth spell that the region’s factories have seen for six years.

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