The S&P Global Eurozone Manufacturing PMI edged lower to 49.7 in August of 2022 from 49.8 in July, preliminary estimates showed. The reading pointed to the biggest decline in factory activity since June of 2020, although it came smaller than forecasts of 49. Production fell for the third month running and at a solid pace, namely in basic materials categories and in the autos sector. Also, new business was down and there was a build-up in unsold goods as firms have found it difficult to shift finished products. Meanwhile, inflationary pressures eased and there was further evidence that constraints in manufacturing supply chains eased. Suppliers’ delivery times continued to lengthen markedly, but to the least extent since October 2020.
