Euro area manufacturing PMI confirmed at 48.8 in January

ANKARA

The euro area manufacturing purchasing managers' index (PMI) was confirmed at 48.8 in January, indicating the weakest pace of contraction since August, final data from S&P Global showed on Wednesday.

The figure was up 47.8 in December 2022, but was still below the 50 threshold mark for the seventh consecutive month.

New orders continued falling in January but at the weakest pace since May 2022, with especially sharp falls seen in Austria and Germany.

New export business continued falling for an 11th month in a row.

With volumes of incoming new work falling quicker than production, eurozone manufacturing backlogs slipped at a strong rate during January.

Growth expectations in businesses were at their strongest since February 2022, before the onset of the Russia-Ukraine war.

Input cost inflation further eased in January, dropping to a 26-month low, and was below its historic average. However, selling prices rose at a slightly faster pace, although inflation here was well below the 2022 trend.