Eurozone manufacturing PMI sees largest drop since April 2020
Eurozone manufacturing PMI sees largest drop since April 2020
SHARE: READ: 204     11:00     01 October 2021    
T he eurozone Purchasing Managers’ Index (PMI) for the manufacturing sector registered the largest drop in September since April 2020 as supply-side constraints continued to impact goods producers, according to data released on Friday. September’s reading of 58.6 was down from 61.4 in August, London-based global data company IHS Markit said in a report. “Supply constraints were a key hindrance to production schedules during September, while softer demand conditions were another contributing factor,” read the report. The impact of supply chain issues was also seen in input purchasing and inventories, with manufacturers ramping up buying activity at the “weakest pace since January during September amid poor input availability, preventing stock replenishment efforts.” Inflationary pressures remained acute during September, according to the report. “While Eurozone manufacturing expanded at a robust pace in September, growth has weakened markedly as producers report a growing toll from supply chain headwinds,” said Chris Williamson, a chief business economist at IHS Markit. “Supply issues continue to wreak havoc across large swaths of European manufacturing, with delays and shortages being reported at rates not witnessed in almost a quarter of a century and showing no signs of any imminent improvement.” Austria was the only economy in the eurozone to see faster manufacturing growth in September as expansions slowed elsewhere, the report said. Germany saw the most notable slowdown compared to August, with the headline index slumping by over four points, it added.​​​​​​​
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