欧元区8月最终制造业PMI 52.7，预期值 52.8

前值 51.9

最终数据证实，欧元区8月工业活动表现稳健，工厂产出和新订单增速均升至2022年初以来最快。相关数据表明，在过去两年欧洲工业部门受到需求疲弱、融资成本上升以及供应中断压力之际，制造业状况正在全面改善。

通胀压力也继续缓和，不过投入成本和产出价格的增幅仍高于美国与伊朗冲突前夕所见水平。这对政策制定者很重要，因为制造业价格走势是观察欧元区通胀是否进一步降温的重要信号之一。

整体报告中最大的积极贡献来自德国，该国录得四年多来最强的制造业增长月度表现。这将为近年来围绕该行业持续存在的疲弱带来一定缓解，尤其考虑到德国在欧元区制造业中的重要地位。

企业信心在8月也再次改善，标志着未来12个月增长预期连续第四个月上升。整体乐观程度同样高于长期平均水平，显示企业看到的需求环境比年初更为稳定。

S&P Global表示：

"The August PMI report provided the clearest signs yet that the eurozone's industrial economy has so far shaken off both the oil price shock and supply-related disruptions caused by the Middle East war. Stronger order book growth, in part owing to a recovery in export demand, should give this expansion legs. "

"Breaking the PMI data down by the three main industrial groupings revealed the intermediate goods sub-sector as the main contributor of manufacturing growth. This includes critical industries such as chemicals and metals, as well as electrical equipment and electronic components, suggesting the euro area can also be a beneficiary from the tech supercycle, even if it's arriving late to the party. "

"A further softening of producer price increases, even in the midst of sustained oil market volatility, helps to alleviate broader inflation worries. That said, the pace of disinflation is starting to level off and the PMI's price metrics remain well above their pre-war levels, which may just embolden a cautious stance by eurozone monetary policymakers."