Eurozone Manufacturing PMI Revised Lower in December

The IHS Markit Eurozone Manufacturing PMI was revised lower to 55.2 in December 2020, from an initial estimate of 55.5 and compared with November’s final 53.8.

The reading pointed to the strongest growth in factory activity since May 2018, as new orders rose for the sixth month in a row and new export orders increased markedly and to a greater extent than in November. However, firms on average made further cuts to their staffing levels, extending the current period of decline to 20 months. Operating expenses increased to the greatest degree since November 2018 and selling prices were subsequently increased for a third successive month and to the greatest degree since February 2019.

Finally, confidence about the coming 12 months improved to the highest level in nearly three years as optimism rose on hopes that operating conditions would be closer to normal by the end of 2021.

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