Euro Area’s Manufacturing Purchasing Managers’ Index (PMI) was reported at a final 44.4 in December, slightly exceeding the preliminary reading of 44.2.
Still, the index continued to be in contraction territory, as output and job losses persisted for a seventh straight month.
On a more positive note, decreases in new orders and purchasing activity eased in December, while business confidence climbed to an 8-month high.
In spite of that, goods producers in the Euro Area continued to reduce their stocks as demand remained weak. Suppliers’ delivery times improved.
Meanwhile, Germany’s Manufacturing PMI was also revised higher. The index came in at a final 43.3 in December, up from a preliminary reading of 43.1.
Both the sub-indexes of output and employment registered slightly accelerated decreases in December, S&P Global said.
On the other hand, new orders fell at the slowest pace in eight months, while business expectations turned positive for the first time since April 2023.
German manufacturers continued to cut factory gate charges in December amid competitive pressures and lower input costs.
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