Stronger growth was seen in a number of European industry sectors in August, as signalled by the latest Europe Sector Purchasing Managers’ Index (PMI) data from IHS Markit.
The five fastest-growing segments all registered notable upticks in their rates of output growth since July.
General industrials held top spot in the rankings, closely followed by software & services and pharmaceuticals & biotechnology. The marked rise in software activity and another strong increase in production in technology equipment resulted in the broad technology sector posting the strongest growth among all seven broad categories monitored. The overall rise in hi-tech business activity in Europe was the strongest since April.
Among the seven broad categories, consumer services posted the weakest expansion in August.
Source: Markit economics, https://www.markiteconomics.com