The Eurozone’s Flash Purchasing Managers’ Index (PMI) Composite Output Index reached its 252-month high in July, rising by 1.1 points in comparison to the month before to come in at 60.6 and beating expectations, IHS Markit unveiled in its preliminary report published on Friday.
The Flash Services PMI Activity Index increased by 2.1 points to 60.4, its 181-month high. On the other hand, the Flash Manufacturing PMI Output declined by 1.7 points to 60.9, its lowest level in five months. The Flash Manufacturing PMI also decreased, falling by 0.8 points to its four-month low of 62.6.
“Supply chain delays remain a major concern for manufacturing, however, constraining production and pushing firms’ costs higher. These higher costs have led to a near-record increase in average selling prices for goods and services, which is likely to feed through to higher consumer prices in coming months,” IHS Markit Chief Business Economist Chris Williamson said.