Eurozone: manufacturing activity at 47.8 points in December

In December, the eurozone’s final manufacturing PMI index scores 47.8 points as per the preliminary estimate. According to S&P, “the second consecutive monthly cooling in the rate of loss of industrial production brings some cheer to the beleaguered manufacturing sector at the start of the new year. Furthermore, for the first time since August, the analysts write, the number of optimists for the coming year has exceeded that of pessimists, suggesting a constant improvement in business confidence”. “The outlook has improved on signs of repairing supply chains and a marked easing of inflationary pressures, as well as an easing of concerns about the region’s energy crisis, thanks in part to government aid. Thus, the supply chain and inflation-related headwinds facing businesses have eased since the heightened state of alarm seen in the autumn. But, analysts continue, “the most positive news is however attenuated by the persistent weakness in demand”.