Eurozone Business Activity Surges to Highest Level Since November
The Eurozone economy has shown resilience in August, with business activity growing at its fastest pace this year. According to S&P Global's flash PMI surveys, the 21-country economic bloc expanded by 0.4% in the second quarter and is expected to see decent GDP growth in the third quarter.
New orders have risen at their fastest rate in 40 months, while export orders have increased for the first time since Russia invaded Ukraine in February 2022. The factory PMI has risen to a more than four-year high of 52.8 from 51.9, beating the poll estimate of 51.8.
However, despite encouraging data, firms were less optimistic about the year-ahead outlook and sentiment remained lower than the series average. Employment in the common currency bloc has risen for the first time this year as manufacturers resumed hiring after more than three years.