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Eurozone Manufacturing Sector Records Sharp Contraction in September

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Eurozone Manufacturing Sector Records Sharp Contraction in September

by Geraldine S.
10/02/2024
in Economic Indicators

The eurozone’s manufacturing sector experienced a deeper contraction in September, according to the latest HCOB PMI survey data, indicating continuing challenges for the region’s goods-producing industries. Key indicators, including production, new orders, employment, and procurement activity, all showed declines, reflecting a weakening outlook for the sector at the end of the third quarter. The HCOB Eurozone Manufacturing PMI, compiled by S&P Global, dropped to 45.0 in September, down from 45.8 in August, marking its lowest point this year. Any figure below 50 indicates contraction, and September’s drop suggests a significant and accelerated downturn in the health of the eurozone’s manufacturing sector.

The decline varied across the region. Spain recorded its strongest performance in four months, and Greece continued its expansion, though at a slower pace. However, other major economies struggled, with Germany, the eurozone’s largest manufacturing economy, recording its sharpest downturn in 12 months, which had a substantial impact on the overall regional performance.

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Demand for eurozone-produced goods weakened, with new orders declining at the fastest rate since December 2022. Overseas demand also fell, adding to the sector’s difficulties. In response, manufacturers cut output, reduced inventories, and scaled back procurement activity. Purchasing activity experienced its steepest decline since December 2022, and both pre- and post-production inventories were depleted rapidly. Employment also suffered, with staffing reductions reaching their highest level since October 2012, excluding the pandemic period.

Despite recent improvements in delivery times, September saw minor delays from suppliers. Input costs fell for the first time since May, and selling prices dipped slightly after a brief rise in August, indicating a more challenging pricing environment for manufacturers. Looking ahead, eurozone manufacturers remain cautiously optimistic, with a slight majority still expecting growth over the next 12 months. However, confidence fell to a ten-month low, reflecting uncertainty about the future recovery of the manufacturing sector.

Explore top supply chain news stories at The Supply Chain Report. Visit ADAMftd.com for free international trade tools.

#ManufacturingNews #EconomicIndicators #EurozoneUpdate #IndustrialTrends #TradeNews

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