Eurozone's recovery eases but firms optimistic
By Andy Bruce |
August 24, 2010, Tuesday
|
Print Edition
Print Edition
THE eurozone's economic recovery moderated only slightly in August and companies are more optimistic about the coming months despite a divergence in growth rates between countries, a survey showed yesterday.
The Eurozone Flash Composite Purchasing Managers' Index (PMI), which gauges activity in thousands of services and manufacturing companies, fell in August to 56.1 from 56.7 in July, a slightly bigger fall than expected.
But the index remained well above the 50 mark that divides growth from contraction and survey compiler Markit said that was consistent with quarterly growth of 0.7 percent, only just down on the three-year high of 1.0 percent in the second quarter.
The numbers showed Europe's recovery for now is holding up better than that in the United States, and suggested a slowdown - expected on the back of swinging budget cuts and slacker global demand - may take longer to arrive.
"The eurozone's economic recovery is slowing down, but so far retains significant forward momentum. That is the message," said Martin van Vliet of ING Financial Markets.
"All in all, the manufacturing-led decline in the August composite PMI confirms that the eurozone is far from immune to the US-led slowdown in global growth momentum. But for the time being the index still points to decent growth."
The Eurozone Flash Composite Purchasing Managers' Index (PMI), which gauges activity in thousands of services and manufacturing companies, fell in August to 56.1 from 56.7 in July, a slightly bigger fall than expected.
But the index remained well above the 50 mark that divides growth from contraction and survey compiler Markit said that was consistent with quarterly growth of 0.7 percent, only just down on the three-year high of 1.0 percent in the second quarter.
The numbers showed Europe's recovery for now is holding up better than that in the United States, and suggested a slowdown - expected on the back of swinging budget cuts and slacker global demand - may take longer to arrive.
"The eurozone's economic recovery is slowing down, but so far retains significant forward momentum. That is the message," said Martin van Vliet of ING Financial Markets.
"All in all, the manufacturing-led decline in the August composite PMI confirms that the eurozone is far from immune to the US-led slowdown in global growth momentum. But for the time being the index still points to decent growth."
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